EDF announces the successful pricing of its senior multi-tranche bond issue for a nominal amount of U.S.$2.75 billion
On 15 April 2026: EDF (BBB+ stable S&P / Baa1 stable Moody's / BBB+ stable Fitch) successfully priced a senior bond issuance in 3 tranches for a nominal amount of U.S.$ 2.75 billion (the "USD Bonds"):
- U.S.$ 1.25 billion bonds, with a 10-year maturity and a 5.250% fixed coupon;
- U.S.$ 1 billion bonds, with a 30-year maturity and a 6.125% fixed coupon;
- U.S.$ 500 million bonds, with a 40-year maturity and a 6.250% fixed coupon.
The issue attracted considerable interest from investors and was oversubscribed more than 3 times. This transaction enables EDF to finance its strategy and objective to contribute to achieving carbon neutrality by 2050.
Settlement and delivery of the USD Bonds is expected to take place on 22 April 2026, the date on which the USD Bonds are also expected to be admitted to trading on the multilateral trading facility of the Euro MTF, operated by the Luxembourg Stock Exchange.
The expected rating for the USD Bonds is BBB+ / Baa1 / BBB+ (S&P / Moody's / Fitch).
EDF is an active issuer of debt and other types of securities. EDF regularly assesses its financing requirements and monitors national and international financial markets for opportunities to conduct additional issuances of senior debt, hybrids and/or other types of securities.
Important Notice
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. This press release is not for publication or distribution, directly or indirectly, in or into the United States of America, Canada or Japan. This press release is not an offer of securities for sale or a solicitation of an offer to purchase these securities in the United States of America. The securities to which this press release relates (the "USD Bonds") have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration requirements. There will be no public offer of USD Bonds in the United States.
EDF has not authorized any offer of USD Bonds to retail investors in any member state of the European Economic Area (a "Member State"). No action has been undertaken or will be undertaken to make an offer of USD Bonds to retail investors requiring publication of a prospectus in any Member State. As a result, the USD Bonds may only be offered in Member States (i) to any legal entity that is a qualified investor as defined in the Prospectus Regulation or (ii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purpose of this paragraph, the expression an "offer" means the communication in any form and by any means of sufficient information on the terms of the offer and the USD Bonds to be offered so as to enable an investor to decide to exercise, purchase or subscribe for the USD Bonds, the expression "Prospectus Regulation" means Regulation (EU) No 2017/1129, as amended, and the expression "retail investor" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended ("MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended or superseded, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation.
The USD Bonds are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). No action has been undertaken or will be undertaken to make available any USD Bonds to any retail investor in the United Kingdom. For the purposes of this provision a retail investor means a person who is either one (or both) of the following: (i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA") ("UK MiFIR"); or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (as amended, the "POATRs"). Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") for offering, selling or distributing the securities or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the securities or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024..
This press release is an advertisement and not a prospectus within the meaning of the Prospectus Regulation. Any offer to acquire securities will be made, and any investor should make its investment, solely on the basis of information that will be contained in the offering document that has been made available in connection with the offering. Copies of the offering document may be obtained at no cost from EDF or through the website of EDF. No Prospectus Regulation compliant prospectus, subject to the approval of the French Autorité des Marchés Financiers or any other Member State's regulator, has been or will be published. The information in this announcement is subject to change.
In the United Kingdom, this press release may only be distributed to, and is only directed at, persons who are "qualified investors" within the meaning of paragraph 15 of Schedule 1 to the POATRs, and who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.), or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services Markets Act 2000) in connection with the issue or sale of any USD Bonds may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). This press release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity in the USD Bonds is available only to Relevant Persons and will be engaged in only with Relevant Persons.
About EDF
The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with an output of 515TWh 95% decarbonised and a carbon intensity of 26.5gCO2/kWh in 2025, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF's raison d'être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 41 million customers(1) and generated consolidated sales of €113.3 billion in 2025.
(1) The customer portfolio consists of electricity, gas and recurring service contracts
