Investor relations

About Stedin Group

Stedin Group, headed by Stedin Holding N.V., consists of the electricity and gas grid managers Stedin and Enduris that operate in a large part of the province of South Holland, in the provinces of Utrecht and Zeeland and in parts of North Holland and Friesland. In addition, the group offers services in the field of electricity and gas infrastructure under the names Joulz and DNWG Infra. Together we ensure that all our customers have access to (sustainable) energy to live, work and do business. 

Financial publications

Stedin Group was formed on 1 February 2017 as a result of the unbundling of Eneco Holding N.V. into an energy company (Eneco) and a network company (Stedin). As of that date, the energy company was unbundled and Eneco Holding N.V. was renamed into Stedin Holding N.V. In its current state, Stedin Groep did not yet publish annual reports. However, in the past, Stedin Netbeheer B.V. and Enduris B.V. published annual reports that can be found on the websites below. The financial reports of Eneco Holding N.V. can also be consulted below.

Financing

Stedin Group has attracted funding and has several funding programs in place in order to attract capital in the future for different purposes and durations. Below the existing loans categorized are displayed as well as the details of the current financing facilities. Please click on one of the items below to find the requested financial information.

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Private placements

A Private Placement is a direct private offering of securities to a limited number of accredited institutional investors. The major outstanding private placements are listed below.

US Private Placement 2017                                       
Issuer Stedin Holding N.V.
Arrangers
n.a.
Amount
EUR 240.000.000
Ranking
Senior Unsecured Notes
Maturity
Several until 2027
Schuldschein 2013      
Issuer Stedin Holding N.V.
Arrangers Citibank
Amount EUR 150.000.000
Ranking Senior Unsecured
Maturity 2033
US Private Placement 2009                                     
Issuer Stedin Holding N.V.
Arrangers Barclays Capital and ING Financial Markets
Amount USD 269.000.000 and GBP 75.000.000
Ranking Senior Unsecured Notes
Maturity Several until 2029
EUR Private Placement 2009                         
Issuer Stedin Holding N.V.
Arrangers Deutsche Bank AG and ING Bank N.V.
Amount EUR 95.000.000
Ranking Senior Unsecured Notes
Maturity  2019
EUR Private Placement 2009                            
Issuer Stedin Holding N.V.
Arrangers Royal Bank of Scotland
Amount
EUR 150.000.000
Ranking
Senior Unsecured Inflation Linked Notes
Maturity
2019
JPY Private Placement 2009  
Issuer Stedin Holding N.V.
Arrangers
Citibank
Amount
JPY 20.000.000.000
Ranking
Senior Unsecured Notes
Maturity 2039 
US Private Placement 2007                                       
Issuer Stedin Holding N.V.
Arrangers
Barclays Capital and RBS Greenwich Capital
Amount
EUR 775.000.000
Ranking
Senior Unsecured Notes
Maturity
Several until 2027

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Senior bonds

Issue history current bonds

September 2018 - Bond issue under 2017 EMTN programme
September 5,  2018 Stedin Holding N.V. issued a new bond for a total amount of EUR 500,000,000.

The bond has a 10 year tenor and will bear a coupon of 1.375%.
The notes are listed on the Euronext Amsterdam (XS1878266326). 

October 2017 - Bond issue under 2017 EMTN programme

In October 2017 Stedin Holding N.V. issued a debut dual-tranche bond for a total amount of EUR 800,000,000.

The 5 year floating rate tranche of EUR 300,000,000 will carry a coupon of 3-months Euribor with a margin of 27bps, and a re-offer price of 100.30. 

The 8 year fixed rate tranche of EUR 500,000,000 will bear a coupon of 0.875%.
Both notes are listed on the Euronext Amsterdam (XS1705553250 en XS1705553417).

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Subordinated securities

On December 1, 2014 Stedin Holding N.V. has issued a perpetual subordinated bond for a total nominal amount of EUR 500.000.000 at an issue price of 99,232% and an annual interest coupon of 3.25%. The bonds are subordinated to all other liabilities of Stedin Group. The term of the bonds is infinite, where Stedin Group has the right to repay the bonds in 2021 and every year thereafter. Standard & Poor's has rated the instrument BBB. The bonds are listed on the Luxembourg Stock Exchange's Euro MTF Market (ISIN XS1141810991).

Issuer Stedin Holding N.V.
Amount  EUR 500.000.000
Advising Banks
Royal Bank of Scotland and Barclays 

(Structuring Advisors); ABN AMRO; Barclays BNP PARIBAS; ING Bank and Royal Bank of Scotland (Joint Bookrunners) 
Ranking
Deeply subordinated; senior to share capital
Term
Perpetual

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Revolving Credit Facility (RCF)

The Revolving Credit Facility has a maximum tenor until 3 July 2024 and is used for general corporate purposes of Stedin Group.

Borrower     Stedin Holding N.V.
Amount EUR 600.000.000
Coordinator 
ABN AMRO Bank N.V. 
Facility agent ABN AMRO Bank N.V.
Lead arrangers
ABN AMRO, Bank of Tokyo-Mitsubishi, BNP Paribas, ING Bank, Rabobank, Royal Bank of Scotland
Maturity
3 July 2024

 

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Euro Commercial Paper (ECP)

A Euro Commercial Paper Programme (ECP) is a standardized issuance platform for short-term debt instruments in the public and private market. The paper is unsecured and unsubordinated.

Issuer 
Stedin Holding N.V.
Advising bank ING Bank N.V.
Amount
EUR 750.000.000
Dealers Barclays Bank Plc
  BNP Paribas 
Citibank Europe Plc, UK Branch
Coöperatieve Rabobank U.A.
ING Bank N.V.
Royal Bank of Scotland Plc
Ranking
Senior Unsecured Notes
Rating
A-2
Issue & Paying Agent
Citibank, N.A., London Branch 

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Euro Medium Term Note (EMTN)

The Euro Medium Term Note programme allows Stedin Groep to issue notes with various maturities from 1 year typically up to 30 years in different currencies. The current EMTN programme size is EUR 2.000.000.000. 

This prospectus enclosed below is approved by the Dutch Authority for the Financial Markets (AFM) and is valid for 1 year following the date of approval.

Issuer   Stedin Holding N.V.
Arrangers
Coöperatieve Rabobank U.A.
Amount
EUR 2.000.000.000
Dealers ABN AMRO Bank N.V.

BNP Paribas
Coöperatieve Rabobank U.A.
ING Bank N.V.
MUFG Securities EMEA plc
The Royal Bank of Scotland Plc (trading as NatWest Markets)
Ranking
Senior Unsecured Notes

Credit Ratings

Standard & Poor's issued a rating update on September 29, 2017 for Stedin Holding N.V. and the rating for Stedin Netbeheer B.V. The current ratings, shown below, are a reflection of the high degree of creditworthiness of Stedin Group and the positive attitude of Standard & Poor's regarding the positioning, strategy and management of the organization. 

The solid cash flow, conservative financial strategy and the availability of committed credit facilities contribute to the current ratings.

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Corporate Rating

 Description  Rating
 Corporate Credit rating Stedin Holding N.V.  A-/Stable/A-2
 Corporate Credit rating Stedin Netbeheer B.V.  A-/Stable/ - -

 

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Issue Ratings

Instrument Rating Rating date
EUR 750 million ECP program A-2 June 17, 2016
EUR 500 million Perpetual Fixed Rate Reset Securities (Hybrid) BBB  

 

Contact Investor Relations

Manager Treasury Stedin Groep
Sebastiaan Weeda

E-mail: Sebastiaan.Weeda@stedingroep.nl

Telephone: +31 6 270 427 29  

Sebastiaan Weeda