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EDF converts some bonds into shares to strengthen balance sheet

Published 28/02/2023, 08:44
Updated 28/02/2023, 08:46
© Reuters. FILE PHOTO: The desk is seen prior to the presentation of French state-owned utility EDF 2022 annual results in Paris, France, February 17, 2023. REUTERS/Christian Hartmann

PARIS (Reuters) - French power company EDF (EPA:EDF), which is in the process of being fully nationalised, said on Tuesday that it would convert some bonds into shares to strengthen its balance sheet.

EDF said the French state had requested the conversion of 87,831,655 EDF 'OCEANES' bonds into shares.

This would result in the issuance of 113,215,003 new EDF shares and a decrease in EDF's bond debt of nearly 1 billion euros, EDF said.

"The capital increase strengthens EDF's balance sheet structure and will allow, if necessary, the refinancing of part of the hybrid subordinated debt," said EDF in a statement.

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