EDF launches a tender offer on two outstanding series of hybrid notes. EDF intends to exercise the redemption of another series of hybrid notes. EDF launches an issue new green hybrid notes.

EDF launches a tender offer on two outstanding series of hybrid notes.
EDF intends to exercise the redemption of another series of hybrid notes.
EDF launches an issue new green hybrid notes.

On 10 September 2024, EDF (BBB positive S&P / Baa1 stable Moody’s / BBB+ stable Fitch) is launching tender offers (together the “Offer to Purchase”) to purchase (i) its €1,000,000,000 reset perpetual subordinated notes with a first redemption at the option of EDF on 22 January 2026 (ISIN: FR0011697028) of which €1,000,000,000 is currently outstanding and (ii) its £1,250,000,000 reset perpetual subordinated notes with a first redemption at the option of EDF on 29 January 2026 (ISIN: FR0011401728) of which £1,250,000,000 is currently outstanding, which are admitted to trading on the regulated market of Euronext Paris (together the “Targeted Notes”).
In connection with the Offer to Purchase, EDF will retain discretion as to the amount of offers accepted in respect of each Targeted Notes, subject to a maximum acceptance amount, which will be announced as soon as reasonably practicable.
The result of the Offer to Purchase will be announced on 18 September 2024 (subject to change as a result of any extension, withdrawal, termination or amendment of the Offer to Purchase).

Moreover, EDF announces its intention to exercise its option to redeem the perpetual subordinated notes issued on 25 January 2013 for a nominal amount of 1,250 million euros (ISIN FR0011401751) and to use the equity content resulting from the capital increase in 2023 of the conversion of EDF’s OCEANES (ISIN FR0013534518) to avoid having to refinance half of the nominal amount, i.e. 625 million euros, by another hybrid subordinated debt ⁽¹⁾.

Finally, EDF is announcing its intention to issue new euro and sterling-denominated green perpetual subordinated notes under its EMTN programme (the “New Notes”). The New Notes will be admitted to trading on the regulated market of Euronext Paris.

The net proceeds of the New Notes will be used to finance and/or refinance investments as defined in EDF’s Green Financing Framework ⁽²⁾ and aligned with the European taxonomy in relation to the lifetime extension of the existing nuclear reactors in France.

Forward-Looking Statements

EDF considers portions of this announcement to be a forward-looking statement. Forward-looking statements can be identified typically by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “intends”, “estimates”, “plans”, “assumes”, “predicts” or “anticipates”, as well as the negatives of such words and other words of similar meaning in connection with discussions of future operating or financial performance or of strategy that involve risks and uncertainties. Although EDF believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, these assumptions are inherently uncertain and involve a number of risks and uncertainties that are beyond EDF’s control; therefore, EDF can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of risks and uncertainties, including, without limitation, possible changes in the timing and consummation of the transactions described therein.