SSE PLC NEW DUAL TRANCHE 5 AND 10 YEAR BOND ISSUE (1224J)
08 April 2020 - 2:15AM
UK Regulatory
TIDMSSE
RNS Number : 1224J
SSE PLC
07 April 2020
SSE plc
NEW DUAL TRANCHE 5 AND 10 YEAR BOND ISSUE
SSE plc ("SSE") has successfully launched a EUR1.1bn 5 and 10
year dual tranche Euro bond with EUR600m maturing April 2025 and
EUR500m maturing April 2030, with coupons of 1.25 per cent and 1.75
per cent respectively. Both tranches have been swapped to Sterling
resulting in a funding cost of 2.4 per cent for the 5 year and 2.9
per cent for the 10 year.
Due to the strength of Sterling in the last week of March, net
debt and hybrid capital is now expected to be around GBP10.5bn as
at 31 March 2020, down from GBP10.7bn as stated in SSE's last
financial update published on 27 March 2020.
Gregor Alexander, Finance Director of SSE, said: "In the past
few weeks capital markets have been disrupted and extremely
volatile due to Covid-19, resulting in SSE choosing to adapt its
funding plans for 20/21. With bond markets recovering recently we
have taken this window of opportunity to issue SSE's first dual
tranche senior Euro bond. With Sterling equivalent proceeds of
around GBP975m this issuance will significantly help cover our
refinancing and funding requirements for the remainder of the year,
as we continue our low carbon investment programme."
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END
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