Enel increases hybrid after successful exchange offer
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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