British Gas owner Centrica PLC (LSE:CNA) has announced a tender offer for its outstanding £450 million Subordinated Resettable Fixed Rate Notes due 2075.
Centrica is offering 100.15% of the nominal amount, plus an accrued interest payment after part of the utility provider’s strategy to proactively manage its hybrid portfolio.
Per Centrica’s 2023 results published in March, it had gross debts of £3.4 billion but a robust net cash position of £2.7 billion, a major improvement from the £1.2 billion cash position at the end of 2022.