On 8 September 2020, EDF made an offering of Green Bonds convertible into new shares and/or exchangeable for existing shares (OCEANEs Vertes). The key features of this issue are as follows:
Type of borrowing(in millions of currencies) | Entity | Issue | Maturity | Issue amount | Currency | Rate |
|---|---|---|---|---|---|---|
OCEANEs Vertes Green Bonds | OCEANEs Vertes Green Bonds Entity EDF | OCEANEs Vertes Green Bonds Issue 09/2020 | OCEANEs Vertes Green Bonds Maturity 09/2024 | OCEANEs Vertes Green Bonds Issue amount 2,400 | OCEANEs Vertes Green Bonds Currency EUR | OCEANEs Vertes Green Bonds Rate 0% |
The issue price for these bonds was €11.70, i.e. 107.00% of their nominal value or agross annual return of -1.68%. The nominal value of the bonds was set at €10.93including a conversion premium of 32.5% over the Company’s reference price onEuronext Paris, the regulated Paris stock market(1).
Holders of these bonds have the right to convert them into new EDF shares and/or exchange them for existing EDF shares.
The conversion and/or exchange rate is set at one share per bond, subject to the standard adjustments including anti-dilution and dividend protections as described in the terms of the issue.
The bonds may be redeemed prior to maturity at the option of the Company, subject to certain conditions.
Unless previously converted, exchanged, redeemed or repurchased and cancelled, the bonds will be redeemed at nominal value when they reach maturity.
These bonds are listed on the Euronext AccessTM market operated by Euronext inParis.
(in millions of euros) | Bonds | Loans from financial institutions | Other financial liabilities | Lease liability | Accrued Interest | Total |
|---|---|---|---|---|---|---|
| Less than one year | Less than one year Bonds 3,447 | Less than one year Loans from financial institutions 575 | Less than one year Other financial liabilities 5,951 | Less than one year Lease liability 673 | Less than one year Accrued Interest 879 | Less than one year Total 11,525 |
| From one to five years | From one to five years Bonds 12,078 | From one to five years Loans from financial institutions 1,478 | From one to five years Other financial liabilities 106 | From one to five years Lease liability 2,034 | From one to five years Accrued Interest 136 | From one to five years Total 15,832 |
| More than five years | More than five years Bonds 34,671 | More than five years Loans from financial institutions 1,244 | More than five years Other financial liabilities 514 | More than five years Lease liability 1,600 | More than five years Accrued Interest 205 | More than five years Total 38,234 |
LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Bonds 50,196 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Loans from financial institutions 3,297 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Other financial liabilities 6,571 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Lease liability 4,307 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Accrued Interest 1,220 | LOANS AND OTHER FINANCIAL LIABILITIES AT 31/12/2020 Total 65,591 |
The non-discounted lease liability matures as follows:
| 31/12/2020 | 31/12/2019 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
(in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| NON-DISCOUNTED CONTRACTUAL CASH FLOWS | NON-DISCOUNTED CONTRACTUAL CASH FLOWS31/12/2020 4,883 | NON-DISCOUNTED CONTRACTUAL CASH FLOWS 31/12/2019 757 | 2,183 | 1,943 | 5,052 |
The breakdown of loans and other financial liabilities by currency includes the effect of derivatives classified as hedges (of debts in foreign currencies and net investments in foreign subsidiaries) under IFRS 9.
| 31/12/2020 | |||||
|---|---|---|---|---|---|
| Initial debt structure | Impact of hedging instruments | Debt structure after hedging | |||
| (in millions of euros) | amount | % of debt | amount | amount | % of debt |
| Euro (EUR) | Euro (EUR) 31/12/202036,241 | 55% | 11,798 | 48,039 | 73% |
| American dollar (USD) | American dollar (USD) 31/12/202016,735 | 26% | (10,958) | 5,777 | 9% |
| Pound sterling (GBP) | Pound sterling (GBP) 31/12/20209,996 | 15% | 537 | 10,533 | 16% |
| Other | Other 31/12/20202,619 | 4% | (1,377) | 1,242 | 2% |
| LOANS AND OTHER FINANCIAL LIABILITIES | LOANS AND OTHER FINANCIAL LIABILITIES31/12/2020 65,591 | 100% | - | 65,591 | 100% |
(1) The reference price is equal to the volume-weighted average EDF share price observed on Euronext Paris between the launch date of the green bond offering until the finalpricing of the bonds was determined the same day, i.e. €8.2465.
