EDF Launches €2.4bn Green Bond Sale
French electricity company EDF has launched a green bond offering worth up to €2.4bn ($2.8bn), in order to fund its 2030 renewables goals, it said on September 8.
This is the company's first offering of green senior unsecured bonds convertible into shares, it said. Funds will primarily go towards delivering on EDF's 2015 goal of doubling its renewables capacity to more than 50 GW by 2030.
The bonds, placed among qualified investors, will not bear any interest and will be issued at a price ranging between 105.75% and 108.00% of their nominal value. The nominal value will be set at a 30-35% premium above the company's reference share price on the Euronext bourse in Paris.
The settlement for the bonds is scheduled to take place on September 14, and the notes will mature exactly four years later. EDF will apply for admit the bonds for trading on Euronext within 30 days.
EDF also plans to issue two euro-denominated tranches of perpetual non-call hybrid notes maturing in 6.5 and 10 years respectively.