...September 18, 2024 - This week Electricite de France S.A. (EDF) issued three unsecured deeply subordinated hybrid notes for a total of about 1.74 billion and will use the proceeds mainly for replacement. - The company also executed a capped tender offer on its 1 billion reset perpetual subordinated notes with a first call on Jan. 22, 2026, and its ú1.25 billion reset perpetual subordinated notes with a first call on Jan. 29, 2026, all of which are currently outstanding. - As the capped tender offer has resulted in 499 million and ú621 million, respectively, of principal being repurchased, overall the transactions increase EDF's hybrid stock. - Finally, EDF announced its intention to call the 1.25 billion perpetual subordinated notes issued on Jan. 5, 2013, using the equity content resulting from its 2023 conversion of OCEANES. - We assigned our 'B+' issue ratings to the three new securities to reflect their subordination and optional deferability and assess them as having intermediate equity...
