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Hogan Lovells Advises EDF on 40 Year Sterling Bond Issue

23 September 2010

LONDON, 23 September 2010 - Hogan Lovells has advised EDF in relation to its £1 billion debt issue. Demand for this issue has already outstripped supply, reaching £1.6 billion. The bonds were issued under EDF's EMTN programme, with Hogan Lovells having advised EDF on the creation of that programme and on several issues under it.

The aim of this issue is to increase the average maturity of EDF's corporate debt. Indeed at 40 years, the maturity of these notes is the longest ever offered by the EDF group. Long-dated bonds such as these are typically associated with sovereign debt, and the success of the launch of this issue therefore demonstrates the confidence of investors in EDF. The choice of currency reflects EDF's increased presence in the United Kingdom.

Hogan Lovells previously advised EDF in 2008, in relation to the £11 billion financing of its acquisition of British Energy Group plc. In 2009, Hogan Lovells also advised EDF in connection with the launch of its French retail bond issue. This deal therefore comes as part of the firm's ongoing client relationship with EDF.

The Hogan Lovells team in Paris was led by partner Sharon Lewis, worldwide head of the International Debt Capital Markets Practice Area, with counsel Baptiste Gelpi and associate David Postlethwaite. The joint lead managers (HSBC, The Royal Bank of Scotland et Credit Suisse) were advised by the Clifford Chance team in Paris led Cedric Burford, with Aileen O'Riordan and Laura Court.

Commenting on the deal, Sharon Lewis said:
"After having previously advised EDF on several of its notable financing operations in recent years, we were delighted to be able to assist our long-standing client with this highly unusual and successful new bond issue".

About Hogan Lovells
Hogan Lovells is a new law firm combining the breadth of business-oriented legal advice and high-quality service that clients have come to expect through working with its two founding firms – Hogan & Hartson and Lovells.
We advise many of the world's largest corporations, financial institutions and governmental organisations.  We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes.
Hogan Lovells (the "firm") refers to the international legal practice comprising Hogan Lovells International LLP, Hogan Lovells US LLP, Hogan Lovells Worldwide Group (a Swiss Verein), and their affiliated businesses, each of which is a separate legal entity. Hogan Lovells International LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG. Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia.
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For more information about Hogan Lovells, visit www.HoganLovells.com

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