Alstom: hybrid bond issue placed
The bonds carry a fixed-rate coupon of 5.868% per annum for the first 5.25 years, with a rate reset every five years thereafter. They are perpetual senior subordinated notes of the issuer.
The issue is part of the €2 billion debt reduction plan previously announced by the rail equipment supplier. The proceeds will be used to repay around 1.2 billion euros in short-term debt by September 2024.
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