Enel increases hybrid after successful exchange offer

Wind turbine 230x150 Italy
By Alex Radford, Jon Hay
24 May 2019

Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.

Enel had said the deal would be capped at €750m, to match the amount due to be refinanced under its 5% non-call 2020 hybrid. That will enable its S&P hybrid equity credit to remain constant.

The new note issue drew €1bn of orders and was priced to imply a ...

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