GDF Suez uses hybrid to replace dearer debt

GDF Suez is using its €1.7bn hybrid capital issue this week in an unusual way — to finance the repurchase of other bonds, most of them senior debt.

  • By Jon Hay
  • 05 Jul 2013
One class of securities GDF is buying back — €429m of titres participatifs issued in the mid-1980s — are perpetual, subordinated securities, but because the coupons are not deferrable, under modern accounting and rating agency rules they do not count as equity. The tender offer to retrieve those ...

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