Press Information	

	
RWE places another hybrid

Essen, 23/07/2015	
	- Amount of 500 million US dollar issued successfully
	- Hybrid bonds are a long-term capital component

	
Today, RWE placed a 500 million US dollar hybrid bond. The bond has a tenor of 60 years but can be called by RWE after just under eleven years in March 2026. With a coupon of 6.625% and an issue price of 99.117% the resulting yield amounts to 6.75%. The issuance was met with keen interest by investors from Asia, Europe and North America and was several times oversubscribed. After the issuance of a EUR hybrid bond in April, this is RWE’s second hybrid placement this year. 

"Hybrid bonds are an important financing instrument for RWE, as they strengthen the company’s capital structure and rating”, says RWE’s Chief Financial Officer Dr. Bernhard Günther. “We are very pleased with the strong demand for our hybrid bond. It demonstrates the confidence that RWE enjoys among investors even in a difficult market environment. With this year’s issuances we have substituted the full amount of our hybrid bond which has its first call date in September." RWE issued the bond in 2010 with the first possibility to repay it in September 2015. It has a volume of 1.75 billion Euros and was the first hybrid bond issued by the Group. Further placements followed in Swiss francs, US dollars, pounds Sterling and Euros. 

A hybrid bond is a mixture of equity and debt. Since hybrid bonds are subordinate to all other financial debt, they have higher coupons than conventional bonds. The bond has been rated BBB- by Standard & Poor’s and Baa3 by Moody's. Only half of the hybrid is classified as debt by the two agencies.

 Legal Disclaimer  
This release and the information contained therein are not intended to be sent to the United States of America or disseminated within the United States of America. This release does not constitute an offer or call for the sale of securities in the United States of America or in other jurisdictions in which an offer would be subject to statutory limitations. Securities mentioned herein are not, and will not, be registered in compliance with the provisions of the U.S. Securities Act or the laws of the relevant states and may thus not be offered or sold within the United States of America or on account of or for the benefit of US individuals or entities.

 Important advisory for investors in Hong Kong: 
WARNING: The contents of this release have not been reviewed by Hong Kong regulatory authorities. Please review the offer carefully. In case of doubt regarding the contents of this release, it is recommended that the professional advice of a third party be sought. 

 Important advisory for investors in Singapore:  
This release has not been, and will not be, registered as a prospectus with Section 289 of the Singapore Securities and Futures Act (“SFA”). Therefore, pursuant to the SFA and its applicable provisions, this release may not be indirectly or directly disseminated publicly in Singapore or made available to individuals or entities who or which are not institutional investors, relevant individuals or entities, or other individuals and entities as defined by Section 275 (1A) SFA. Individuals and entities who and which receive this release in Singapore shall ensure and guarantee that they are institutional investors, relevant individuals or entities, or other individuals or entities as defined by Section 275 (1A) SFA.