REG - SSE Plc - Issue of Hybrid Capital Securities

SSEAnnouncement

12/04/2022 16:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220412:nRSL1690Ia&default-theme=true

RNS Number : 1690I  SSE PLC  12 April 2022

SSE PLC

ISSUE OF HYBRID CAPITAL SECURITIES

SSE plc has successfully launched an issue of hybrid capital securities, a
financial instrument which is subordinate to all senior creditors.  This new
€1,000m hybrid has been issued as a perpetual non-call six-year note at a
coupon of 4.0%.

The intent is to use the proceeds to replace SSE's hybrids issued in 2017, as
tranches of $900m and £300m, which have a first coupon reset date of 16
September 2022.  The three-month issuer par call means these hybrids can be
called from 16 June 2022.

Gregor Alexander, SSE's Finance Director, said "We have always viewed
optionality, agility and discipline as important qualities in financing. This
has only been emphasised by recent volatility in the capital markets due to
inflation impacting on Central Bank plans for raising rates and the conflict
in Ukraine.

Notwithstanding the current challenging market conditions, today's new hybrid
has been well received, and was well oversubscribed. This latest hybrid
issuance is consistent with our commitment to maintaining a strong balance
sheet as we continue our Net Zero Acceleration Programme investments."

 

Notes

The first call date of the new €1,000m perpetual hybrid is at any time in
the three-month period to 21 April 2028. This hybrid will be equity (cash)
accounted with the coupon, payable annually in arrears on 21 April each year,
commencing on 21 April 2023, presented as distributions to other equity
holders and reflected within adjusted earnings per share.

 

 

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Sally Fairbairn, Michael Livingston  +44 (0)345 0760 530
 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Sam Peacock,                         +44 (0)345 0760 530

                                                                          Glenn Barber


            MHP Communications                                            Oliver Hughes                        +44 (0)7885 224 532
                                                                          Simon Hockridge                      +44 (0)7709 496 125

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUUUVRUVUSAAR