RWE primo bond ibrido sub TF 4,625% isin XS0542298012

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Essen, 21 September 2010


RWE issues the Group’s first hybrid bond


Total volume of €1.75 billion

Biggest euro hybrid bond of any company in Europe
Yesterday, RWE issued a hybrid bond with a volume of €1.75 billion. This makes it the biggest euro hybrid bond ever issued in Europe by an industrial company. The bond met with keen interest from investors and was soon well oversubscribed.The coupon is worth 4.625% p.a. with an issuance rate of 99.7%.

“This issuance of the first hybrid bond in the history of the Group is a great success for us”, said RWE CFO Dr. Rolf Pohlig after closing the order book, “it gives us additional financial flexibility and also allows us to cover this year’s funding needs in a cost-efficient manner.” At the same time, the hybrid bond provides backing for the capital structure and the rating of RWE without diluting the interests of shareholders.

The hybrid bond is a mix of equity and debt and thus offers a higher coupon than conventional bonds. It theoretically has an unlimited tenor, but RWE does have the right to repayment after a period of five years. The minimum purchase volume for the bonds is just €1,000, which makes them attractive to both institutional and private investors, who will be able to purchase the bonds via their banks. The joint lead managers were BNP Paribas, Deutsche Bank, Goldman Sachs, Morgan Stanley and Royal Bank of Scotland.

RWE AG - News/Ad-hoc-Mitteilungen

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