SSE PLC Issue of Capital Hybrid Securities (7705F)
February 24 2015 - 12:19PM
UK Regulatory
TIDMSSE
RNS Number : 7705F
SSE PLC
24 February 2015
SSE PLC
ISSUE OF CAPITAL HYBRID SECURITIES
SSE plc has successfully launched an issue of capital hybrid
securities, a financial instrument which is perpetual and
subordinate to all senior creditors. The dual tranche issue
compromises GBP750m and EUR600m with an all-in funding cost to SSE
of 4.02% per annum. This compares to the 5.6% all-in funding cost
of SSE's existing hybrid securities issued in 2010 and 2012 with
issuer first call dates of 1 October 2015 and 1 October 2017
respectively.
Gregor Alexander, SSE's Finance Director, said "This latest
hybrid issuance is a significant piece of funding for SSE and the
intent is to use the proceeds to replace those existing hybrid
securities with issuer first call dates on 1 October 2015. It
complements our diverse range of attractively priced financing and
demonstrates our ability to raise funds at competitive rates, while
maintaining a strong balance sheet and remaining committed to our
investment plans.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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