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EDF finalizes loan with more than 2.5 billion euros collected

March 10 category:Businesses
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EDF finalizes loan with more than 2.5 billion euros collected

EDF Tower Defense.

REUTERS / Charles Platiau

The bonds issued by EDF has collected for individuals more than 2.5 billion euros since June 17, the company said in a statement Wednesday, July 1. EDF had set no cap on the amount of rise, but felt that the sum of one billion euros would be "reasonable." He had reserved the right to terminate the loan early in strong demand. In fact, the electrician does not leave individuals that included until July 6 to participate in this operation, instead of July 10 initially set.

Over a period of 5 years, the loan is in the form of bonds of € 1,000, paid at a fixed annual interest rate of 4.5% before taxes and social contributions. The transaction settlement date remains scheduled for 17 July 2009. The entire share capital will be donated to the term of the loan and the first interest payment will take place July 19, 2010.

"This success demonstrates the tremendous commitment of the French EDF and their confidence in the largest industrial investor in the country," said CEO Pierre Gadonneix, said in the statement.

This bond from individuals was a first for over twenty years for the group. His last such operation, which was to finance the first nuclear power plants since the mid 80s.

The CEO of EDF announced that the company could "again regularly use" other loans from individuals, if one was successful. The group had justified its offering of French by significant investment programs for the next 10 to 15 years, at the announcement of the end of May operation.

In the year 2008 alone, the group has invested a total of € 9.7 billion, of which slightly more than half (5.2 billion) in France. And in 2009, it should increase its investment in France by 44% to 7.5 billion euros, of which 2.5 billion in the economic stimulus plan.

EDF is facing an explosion of debt: at as very significant acquisitions, it increased by 50% in 2008 alone to $ 24.5 billion at year end.


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