Centrica to redeem EUR 750,000,000 Notes
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES, OR MAY QUALIFY, AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014, AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")
Centrica to redeem €750,000,000 Subordinated Resettable Fixed Rate Notes due 2076 (ISIN: XS1216020161) (the "Notes")
25 February 2021 Centrica plc ("Centrica") today gave notice to holders of the outstanding Notes of the exercise of its call option to redeem all of the outstanding Notes on 12 April 2021 (the "Redemption Date"), being the first business day following 10 April 2021 (the "First Call Date"), at their principal amount together with any accrued and unpaid interest up to (but excluding) the First Call Date and any outstanding Arrears of Interest.
Centrica has requested the UK Financial Conduct Authority (the "FCA") to cancel the listing of all outstanding Notes on the Redemption Date pursuant to LR 5.2.8 of the FCA Listing Rules.
There are no plans to replace the Notes by raising new hybrid capital. Following the successful completion of the sale of Direct Energy, Centrica has significantly lower net debt and the redemption of the Notes helps to simplify its capital structure.
The £450,000,000 Subordinated Resettable Fixed Rate Notes due 2075 ISIN XS1216019585 (the "GBP Notes") will remain part of Centrica's capital structure. Centrica understands Standard and Poor's and Moody's will continue to assign 50 per cent equity content to the GBP Notes.
Unless otherwise defined herein, defined terms used have the meanings given to them in the terms and conditions of the Notes.
For the purposes of UK MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, this announcement is made by Raj Roy, Group General Counsel and Company Secretary.
LEI Number (Centrica plc): E26EDV109X6EEPBKVH76
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