RWE’s senior and hybrid bonds at a glance

Senior bond restructuring: Change of Guarantor (Finance BVs Bonds) and Change of Issuer (RWE AG bonds)

innogy has launched a consent solicitation to change the guarantor of the Finance BVs senior bonds from RWE AG to innogy SE.
Furthermore a corresponding process has been commenced to exchange the issuer from RWE AG to innogy SE for the currently remaining senior bonds at RWE AG (private placements).
Further information, the already available results of the consent solicitation as well as the invitation to the adjourned Noteholder Meetings for the bonds with the ISIN XS0878010718 and XS0158243013can be found under the link below:

Bond restructuring

Attractive financing conditions

Bonds are an attractive and cost-effective source of financing for us. We largely meet our financing needs with cash flows from our operating activities. In addition, we have access to a number of flexible financing instruments. We raise long-term debt capital primarily within the scope of our Debt Issuance Programme. The programme enables us to issue a total of €30 billion in bonds.

RWE's senior bonds

CurrencyVolume in millionMaturity date Coupon (%)       German Securities Code           ISIN Code Further information 
EUR32.026.10.20373.500A1PGV8XS0826313990-

RWE's hybrid bonds

CurrencyVolume in millionMaturity dateCoupon (%)German Securities CodeISIN Codefurther information
CHF250.004.04.201715.250A1MAVPCH0136594352Link
CHF150.026.07.201715.000A1PGUUCH0185843049Link
USD1,000.012.10.201717.000 A1ML2EXS0767140022Link
GBP750.020.03.201917.000A1ML0GXS0652913988Link
EUR700.021.10.202012.750A14KAAXS1219498141Link
EUR550.021.04.202513.500A14KABXS1219499032Link
USD500.030.03.202616.625A13SHXXS1254119750Link

1) first call date

On 15 September 2015, RWE Aktiengesellschaft has undertaken to the respective holders of the securities that are listed in the document below as third party beneficiaries according to § 328 para. 1 German Civil Code that it will make a tender offer pursuant to which it will offer to repurchase the securities at their respective principal amounts plus any interest accrued until the day of completion of the repurchase if a change of control event has occurred.
The undertaking to effect a Tender Offer of RWE Aktiengesellschaft replaces an undertaking to effect a tender offer dated 24. September 2010, which was time limited and which expires on 28 September 2015 upon the repayment of the hybrid bond issued on 28. September 2010 (ISIN XS0542298012).

15.09.2015 - Post-Admission Duties Announcement according to Article 30e of the WpHG

 

For the complete text of the undertaking to effect a tender offer please see:

15.09.2015 - RWE AG Undertaking to effect a tender offer following a change of control event (PDF | 2.1 MB)

 

Declaration of Waiver and S&P Statement:

Notice regarding the following Subordinated Notes:

EUR 700,000,000 Subordinated Notes issued on 14 April 2015 (XS1219498141),
EUR 550,000,000 Subordinated Notes issued on 14 April 2015 (XS1219499032) and
USD 500,000,000 Subordinated Notes issued on 23 July 2015 (XS1254119750)

Declaration of Waiver:

Waiver of a certain call right pursuant to § 5(2) of the Terms and Conditions of the Subordinated Notes (PDF | 87 KB)

S&P Statement:

German Utility RWE AG Hybrid Equity Content Revised To Intermediate (PDF | 0.3 MB)