KPN announces € 500m Green Hybrid Bond and Debt Tender Offer
11 June 2024 - 5:24PM
KPN announces € 500m Green Hybrid Bond and Debt Tender Offer
Today, Koninklijke KPN N.V. (“KPN”) announces
its intention to issue a Green € 500m perpetual non-call 5.25 year
subordinated bond to finance projects that support KPN’s
sustainability ambitions and have a positive environmental impact
(the “Green Hybrid Bond”). KPN intends to use an amount equal to
the net proceeds of the Green Hybrid Bond Offering to finance
and/or refinance a portfolio of eligible assets, investments and
expenditures that meet the requirements of KPN’s Green Finance
Framework (the “Framework”). The documentation related to the
Framework is available on KPN’s website.
The Green Hybrid Bond is expected to be treated
for 50% as equity and 50% as debt by the credit rating agencies and
will be accounted for as equity under IFRS.
Simultaneously, KPN announces an Any and All
Debt Tender Offer to purchase for cash (the “Offer”) the
outstanding € 500m perpetual hybrid capital securities with first
reset date on 8 February 2025 (ISIN: XS2069101868).
The purpose of these transactions is to
proactively manage KPN’s hybrid capital to ensure a stable layer of
equity credit and optimize its ongoing interest costs. KPN’s
obligation to accept notes tendered in the Offer is subject to the
satisfaction or waiver of certain conditions, including the New
Financing Conditions, as described in the Tender Offer
Memorandum.
The offer will expire at 5.00 p.m. (Amsterdam
Time) on 18 June 2024 unless extended.
ING, Goldman Sachs, ABN Amro, BNP Paribas, and
Intesa Sanpaolo have been appointed to act as Joint Lead Managers
for the new Green Hybrid Bond offering. ING and Goldman Sachs have
been appointed to act as Dealer Managers on the Offer. Kroll Issuer
Services Limited has been appointed as Tender Agent.
Formal disclosures:
Royal KPN N.V. Head of IR: Matthijs van Leijenhorst Inside
information: Yes Topic: KPN announces € 500m Green Hybrid Bond and
Debt Tender Offer11/06/2024; 09:15hKPN-N
- KPN announces Green Hybrid Bond and Tender Offer
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