29th Jun 2020 19:03
(Alliance News) - Energy supplier SSE PLC on Monday said it has issued roughly GBP1.06 billion worth of hybrid capital securities.
SSE said it has issued a perpetual non-call GBP600 million note, with a 3.74% coupon, which expires in five and three-quarter years.
It has also issued a seven-year perpetual non-call note, worth EUR500 million and carrying a 3.125% coupon.
SSE said it plans to use the GBP1.06 billion proceeds to replace hybrid securities issued in 2015, which have call dates on September 10 this year and April 1 next year.
SSE's Finance Director Gregor Alexander said: "We have always viewed optionality, agility and discipline as important qualities in financing, and the importance of these qualities has been emphasised by the disruptions to capital markets following the outbreak of coronavirus.
"Notwithstanding the current challenging market conditions that have been induced by the coronavirus pandemic, today's hybrid tranches have been well-received, and were oversubscribed for. This latest hybrid issuance is consistent with our commitment to maintaining a strong balance sheet as we continue our low-carbon investment programme."
Shares in the company closed 2.1% higher at 1,392.00 pence each in London on Monday.
By Eric Cunha; [email protected]
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