SSE Regulatory News (SSE)

SSE PLC

ISSUE OF CAPITAL HYBRID SECURITIES

SSE plc has successfully launched an issue of capital hybrid securities, a financial instrument which is perpetual and subordinate to all senior creditors. The dual tranche issue compromises £750m and €600m with an all-in funding cost to SSE of 4.02% per annum. This compares to the 5.6% all-in funding cost of SSE's existing hybrid securities issued in 2010 and 2012 with issuer first call dates of 1 October 2015 and 1 October 2017 respectively.

Gregor Alexander, SSE's Finance Director, said "This latest hybrid issuance is a significant piece of funding for SSE and the intent is to use the proceeds to replace those existing hybrid securities with issuer first call dates on 1 October 2015. It complements our diverse range of attractively priced financing and demonstrates our ability to raise funds at competitive rates, while maintaining a strong balance sheet and remaining committed to our investment plans.