Hogan Lovells advises EDF on its hybrid bond issues for an aggregate nominal amount of 2.1 billion euros

Paris, September 24th 2020 – Hogan Lovells has advised EDF on two issues of perpetual deeply subordinated bonds (known as “Hybrid Bonds”) for a total nominal amount of 2.1 billion euros, consisting of:

• a €850 million perpetual 6.5 years non-call hybrid bond issue with an initial coupon of 2.875% and a first call option on 15 December 2026;
• a €1.25 billion perpetual 10 years non-call hybrid bond issue with an initial coupon of 3.375% and a first call option on 15 June 2030.

The settlement occurred on 15 September 2020, when the Hybrid Bonds were admitted to trading on the regulated market of Euronext Paris.

The rating agencies assigned the Hybrid Notes a rating of BB- / Baa3 / BBB (S&P / Moody’s / Fitch) and an equity content of 50%.

Hogan Lovells advised EDF on this transaction with a team made up of partners Sharon Lewis and Vincent Fidelle.

The joint lead managers were advised by Allen & Overy.