Edf

EDF announces the success of its hybrid notes issue for a nominal amount of $1.5 billion and the ongoing tender offer to purchase notes for cash announced on 6 June 2023

EDF announces the success of its hybrid notes issue for a nominal amount of $1.5 billion and the ongoing tender offer to purchase notes for cash announced on 6 June 2023 ⁽¹⁾

On 8 June 2023, EDF (BBB stable S&P / Baa1 stable Moody’s / BBB+ stable Fitch) successfully priced a US dollar-denominated 1.5 billion issuance of perpetual subordinated notes, at an initial 9.125% coupon until 2033 with a 10-year first call date at EDF’s discretion (the “New Notes”).

EDF will be able to redeem the New Notes for cash (i) at any time during the 3-month period preceding the first interest reset date, which is expected to be in 10 years, and on every 5 years thereafter, (ii) for rating methodology or accounting events, or certain changes of tax regime, or (iii) at any time pursuant to the make-whole call⁽²⁾.

EDF confirms that hybrid securities are a permanent part of its capital structure. This transaction is part of EDF's pro-active management of its outstanding hybrid notes: the proceeds resulting from this offering will be allocated for the redemption, in whole or in part, of its US dollar-denominated perpetual subordinated notes (144A / Reg. S ISIN: US268317AM62 / USF2893TAM83)⁽¹⁾ and for general corporate purposes of the Group.

Settlement and delivery of the New Notes will take place on 15 June 2023, the date on which they will be admitted to trading on the multilateral trading facility operated by the Luxembourg Stock Exchange (Euro MTF). It is also expected that the rating agencies will assign the New Notes a rating of B+/Ba1/ /BBB- (S&P/ Moody’s/Fitch) and an equity content of 50%.
Disclaimers

This press release does not constitute an invitation to participate in the tender offer announced on 6 June 2023 (the “Offer”) in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such restrictions.

This press release is an advertisement and not a prospectus within the meaning of the Prospectus Regulation and does not constitute an offer to acquire securities. Any offer to acquire securities will be made, and any investor should make its investment, solely on the basis of information that will be contained in the offering document that has been made generally available in connection with the offering. Copies of the offering document may be obtained at no cost from EDF or through the website of EDF. No Prospectus Regulation compliant prospectus, subject to the approval of the French Autorité des Marchés Financiers or any other Member State’s regulator, has been or will be published. The information in this press release is subject to change.