edp announcement

EDP announces amendments to terms and conditions of hybrids issued by EDP

Monday, 03 March 2025

Lisbon, March 3rd, 2025: A consent solicitation was launched today, directed at holders of the following hybrid debt securities issuances of EDP, S.A. (“EDP”):

  1. “€ 750,000,000 Fixed to Reset Rate Subordinated Notes due 2082” (ISIN: PTEDPXOM0021);
  2. “€1,000,000,000 Fixed to Reset Rate Subordinated Instruments due 2083” (ISIN: PTEDP4OM0025);
  3. “€500,000,000 Fixed to Reset Rate Subordinated Notes due 2082” (ISIN: PTEDPYOM0020);
  4. “€750,000,000 Fixed to Reset Rate Subordinated Instruments due 2054” (ISIN: PTEDPZOM0011); and
  5. “€1,000,000,000 Fixed to Reset Rate Subordinated Instruments due 2054” (ISIN: PTEDPSOM0002) (together the “Notes”).

Meetings of holders of the Notes were convened in order to approve, by extraordinary resolution, proposals to amend the terms and conditions of the Notes to align with the latest rating methodologies and criteria of S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If the consent solicitation is successful and each extraordinary resolution in relation to each of the series of Notes is passed and implemented, EDP expects S&P to reinstate intermediate equity credit on each of the relevant series of Notes, and to obtain a one notch uplift on the rating assigned to each series of Notes by Moody’s (from Ba1 to Baa3).

The Solicitation Agents for this transaction are BNP Paribas and J.P. Morgan SE. Noteholders may request information regarding the procedures for participating in this process from Kroll Issuer Services Limited.

For further information, please refer to the documents made available on this date here.