EDF prices its €1.25 billion hybrid note offering

• Successful pricing of a new €1.25 billion hybrid offering
• Ongoing tender offer to purchase notes for cash announced on 24 September 2018⁽¹⁾
• €1 billion senior note offering

On 25 September 2018, EDF (A- S&P / A3 Moody’s / A- Fitch) (the “Company”) successfully priced a Euro-denominated €1.25 billion hybrid note offering, at 4% coupon with a 6-year first call date⁽²⁾.

This offering shows the Company’s strong commitment to financing through hybrid capital securities, which are a permanent part of its capital structure to fund assets under construction. The Company pro-actively manages its stock of hybrid notes: the funds resulting from this offering will mainly be used to finance the partial repurchase of several outstanding hybrid notes⁽¹⁾, and for general corporate purposes of the Company and the Group, as the case may be.

In addition, EDF successfully priced a €1 billion senior note offering, with a 12-year maturity and a 2% fixed coupon.

⁽¹⁾ See press release dated 24 September 2018, available on the Company’s website (www.edf.com).
⁽²⁾ In January 2013 and 2014, EDF successfully completed several hybrid note offerings denominated in Euro, Dollar and Sterling. The structure of today’s announced offering is in line with the 2013 and 2014 offerings with 50% of such offering considered as equity credit by rating agencies and accounted for 100% equity under IFRS. Hybrid notes are structured as perpetual instruments subordinated to any senior debt.