EDF (the “Company”) is pleased to announce the successful completion of its hybrid refinancing transaction consisting of:
- The pricing of new €1,250,000,000 4.000% reset perpetual 6 year non-call hybrid notes (the “New Notes”), and
- An offer to purchase for cash (the “Tender Offer”) four outstanding series of hybrid notes as set out below1.
On 25 September 2018, the Company successfully priced new €1,250,000,000 reset perpetual 6 year non-call hybrid notes with a 4.000% coupon and a first redemption at the option of the Company between July 4, 2024 (included) and October 4, 2024 (included).
Following the end of the Tender Offer period, EDF will purchase for cash Notes validly tendered on the first two acceptance priority levels pursuant to the Tender Offer for an amount of €1,250,000,000.
The aggregate size of the Company’s stock of hybrid notes remains unchanged as a result of the hybrid refinancing transaction and the Company remains committed to hybrid capital securities as a permanent part of its capital structure to fund assets under construction.
Summary table of the Tender Offer results below:
| Targeted Hybrid Notes | ISIN | Acceptance Priority Levels | Tendered Amounts | Tendered Amounts in % of outstanding | Acceptance Amounts | Pro-Rating Factors | Tender Prices |
| 2020 Notes | FR0011401736 | 1 | €911,800,000 | 73 % | €911,800,000 | 100,00 % | 105,255% |
| 2022 Notes | FR0011697010 | 2 | €635,100,000 | 64 % | €338,200,000 | 59,50 % | 108,185% |
| 2026 Notes | FR0011401728 | 3 | N/A | N/A | 0 | N/A | N/A |
| 2025 Notes | FR0011401751 | 4 | N/A | N/A | 0 | N/A | N/A |
The Autorité des marchés financiers granted visa number 18-466 on October 2, 2018 on the prospectus relating to the New Notes. The New Notes will be issued on October 4, 2018. The settlement of the Tender Offer is scheduled on October 5, 2018.
1 See press release dated 24 September 2018, available on the Company’s website (www.edf.com).
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