NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
Today, Koninklijke KPN N.V. (“KPN”) has successfully issued a EUR 500m perpetual non-call 5.25 year subordinated bond (the “Hybrid Bond”). The proceeds from the Hybrid Bond will be used for general corporate purposes and refinancing of existing indebtedness. The issuance was well received by institutional investors with a final orderbook in excess of EUR 2.5bn and a broad diversified investor base.
The Hybrid Bond was priced with a coupon of 4.625% per annum until the first reset date on 9 December 2031 and is first callable on 9 September 2031. It will be treated for 50% as equity and 50% as debt by S&P and Fitch and will be accounted for as equity under IFRS. The Hybrid Bond is expected to be rated BB+ by both S&P and Fitch and will be listed on the Global Exchange Market of Euronext Dublin.
Earlier today, KPN also announced an offer to repurchase any and all of its EUR 500m perpetual hybrid capital securities with first reset date on 21 December 2027 (ISIN: XS2486270858) (the “Offer”). This Offer will expire at 5:00 pm CEST on 8 September 2026 unless extended.
Barclays and ING have been appointed as Joint Structuring Advisors. Barclays, Deutsche Bank, ING, Intesa Sanpaolo, Rabobank, Santander and SEB have been appointed to act as Joint Lead Managers for the new Hybrid Bond offering. Barclays and ING have been appointed to act as Dealer Managers on the Offer. Kroll Issuer Services Limited has been appointed as Tender Agent.
Disclaimer
These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, to U.S. persons or into or in the United States, Australia, Canada or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. This press release is not an offer of the Hybrid Bond for sale in the United States, Australia, Canada or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
The Hybrid Bond is not and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”) and will also not be registered with any authority competent with respect to securities in any state or other jurisdiction of the United States of America. The Hybrid Bond may not be offered or sold in the United States of America without either registration of the Hybrid Bond or an exemption from registration under the US Securities Act being applicable. There will not be a public offering of the Hybrid Bond in the United States of America.
Formal disclosures:
Royal KPN N.V.
Head of IR: Matthijs van Leijenhorst
Inside information: Yes
Topic: KPN successfully issues € 500m Hybrid Bond
01/09/2026; 17:45h
KPN-N
Attachment
- KPN succesfully issues € 500m Hybrid Bond
