Veolia has successfully issued EUR 500 million of hybrid debt bearing a coupon of 2 % until its first reset date in February 2028.
The notes are structured as deeply subordinated perpetual hybrid notes.
The transaction was very positively welcomed by the corporate hybrid bond market, which had been shut for a month. The strong demand led to a sizeable orderbook (up to EUR 3.4 billion), which enabled Veolia to materially improve the pricing of the issuance, and reach a negative new issue concession of around -10 bp compared to the fair value priced by the secondary market.
The high level of oversubscription, the quality of the investor base and the outstanding conditions that were achieved are signals of the significant appreciation of Veolia’s credit quality, and of the credibility of Veolia’s project of combining forces with Suez in order to create the World Champion of Ecological Transformation.
The proceeds of this issuance will be used for General Corporate Purposes.
Veolia group aims to be the benchmark company for ecological transformation. With nearly 179,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them. In 2020, the Veolia group supplied 95 million people with drinking water and 62 million people with wastewater service, produced nearly 43 million megawatt hours of energy and treated 47 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €26.010 billion in 2020. www.veolia.com
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