Enel Group Launches New EUR900Mln Hybrid Bond
Miriam Mukuru
Italian electricity and gas company Enel Group has launched a new 900 million euro ($972.8 million) denominated bond with a coupon at 4.750%.
The bond was more than three times oversubscribed with total orders over EUR3 billion, Enel said in a press release on Tuesday.
The non-convertible, subordinated perpetual hybrid bond, is structured in a single 900-million-euro tranche, has no fixed maturity, and is "due and payable only in the event of winding up or liquidation of the company."
Enel will pay an annual fixed coupon of 4.750% until the bond's first reset date of May 27, 2029, "which is the last day for the first optional redemption," it said.
Hybrid bonds combine features of both debt and equity.
Write to Miriam Mukuru at miriam.mukuru@wsj.com
(END) Dow Jones Newswires
February 21, 2024 07:33 ET (12:33 GMT)
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