GDF SUEZ successfully achieved a three-tranche €3 billion issue

May 22, 2012

Today GDF SUEZ successfully achieved a three-tranche €3billion bond issue:

  • €1 billion, maturing in February 2016, with a 1.5% coupon
  • €1 billion, maturing in June 2018, with a 2.25% coupon
  • €1 billion, maturing in February 2023, with a 3% coupon

The average coupon of the issue is 2.25% and the average maturity is 6.8 years. It was partially swapped to floating rates bringing the average cost of the financing to 1.83%.

The transaction is part of the financing for the buyout of International Power minority shareholders. The funds raised will partially offset the €6 billion bank credit facility concluded for the buyout on May 4, 2012. As announced on April 16, financing for the buyout of International Power minority shareholders will be supplemented by €3 billion in further disposals and by €2 to €3 billion derived from GDF SUEZ dividend payments in shares in 2012 (of which €1.1 billion for the 2011 dividend balance).

Recognition of the creditworthiness of GDF SUEZ among investors enabled the Group to fully achieve its funding objectives in terms of size and cost. The market’s extremely positive response to this issue once again illustrates its confidence in the Group’s long-term outlook. The 3% coupon is thus the lowest coupon ever achieved by a corporate on a 10-year eurobond issue of this size.

Syndication of the issue was colead-managed by Banco Bilbao Vizcaya Argentaria S.A, BNP Paribas, BofA Merrill Lynch, CA-CIB, Citigroup, Deutsche Bank AG, HSBC, ING Commercial Banking, J.P. Morgan, Mitsubishi UFJ Securities International plc, Mizuho International plc, Natixis, Santander Global Banking and Markets, The Royal Bank of Scotland and UniCredit Bank.

This announcement is not an offer of the bonds for sale in the United States. The bonds may not be offered or sold in the United States unless they are registered or are exempt from registration. GDF SUEZ does not intend to conduct a public offering in the United States. The Bonds have not been and will not be offered to the public in France or in any other jurisdictions.

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