• 1.75 billion Euro hybrid bond will be redeemed on first call date
• Hybrid capital remains an important long-term component of RWE’s capital structure

RWE has called its hybrid bond issued in 2010 with a volume of 1.75 billion Euro and a coupon of 4.625% at the earliest possible date, 28 September 2015. The perpetual hybrid bond was RWE’s first move into this segment of the capital market. It was followed by issuances in Swiss francs, pounds Sterling and US dollars. This year, RWE has launched three further hybrid bonds in Euros and US dollars to replace the bond now called.

"The successful refinancing of the hybrid bond reflects the high level of trust that investors place in RWE", said RWE CFO Dr. Bernhard Günther. "Moreover, we were able to improve our financing conditions in the current low interest rate environment. Hybrid bonds remain an important financing instrument for RWE, as they strengthen the company’s capital structure and rating."

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. Hybrids are only partially classified as debt by rating agencies.

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