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EDF Plans Green Perpetual Notes to Fund Extension of French Nuclear Reactors

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French energy major EDF on Tuesday said it intends to issue new euro green perpetual subordinated notes, with proceeds to fund the extension of its existing nuclear reactors in France.

The new notes will be issued under the group's EMTN programme and will be traded on the Euronext Paris regulated market, the company said in a statement.

"An amount equal to the net proceeds of the New Notes will be used to finance and/or refinance investments in relation to the lifetime extension of the existing nuclear reactors in France as defined in EDF's Green Financing Framework and that are aligned with the European taxonomy," the statement said.

According to a Bloomberg report, which cited a person familiar with the development, EDF is looking to raise at least 500 million euros ($580 million) through the subordinated bond, with an initial yield of about 5.75%.

The notes can be first redeemed in 2031 and are expected to be priced later on Tuesday, the report said.

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