EDF announces success of its multi-tranche green hybrid bond issue for nominal amount of €1.15 billion and £500 million

Client(s) EDF (Electricité de France)

Jones Day represented EDF (Electricité de France) in connection with the new issuance of green perpetual subordinated notes (the “New Notes”), consisting of (i) €500 million bond, at an initial 5.125% coupon until 2029 with a 5.25-year first call date at EDF’s discretion; (ii) €650 million bond, at an initial 5.625% coupon until 2032 with an eight-year first call date at EDF’s discretion; and (iii) £500 million bond, at an initial 7.375% coupon until 2035 with a 11-year first call date at EDF’s discretion.

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

It is 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%.