BRUSSELS, March 7 Dutch telecoms company KPN NV
said on Thursday it had issued hybrid bonds for a total
of 1.56 billion euros, part of a 4 billion euro equity hike to
avoid credit rating downgrades.
The company said in a statement it had priced a dual tranche
hybrid bond transaction, consisting of a 1.1 billion euro
tranche with a 6.125 percent coupon and a 400 million pound
tranche with a 6.875 percent coupon.
The hybrid bond issues is part of the capital raise KPN
announced on Feb. 20, which consists of a 3 billion euro rights
offering and up to 2 billion euros of hybrid capital instruments
that are expected to receive 50 percent equity recognition.
Deutsche Bank, Goldman Sachs and J.P. Morgan acted as joint
structuring advisors and together with BNP Paribas and The Royal
Bank of Scotland as joint bookrunners. Barclays and Société
Générale acted as co-lead managers.