RWE offers to repurchase up to €550 million of four series of notes

By Angela McDaniels

Tacoma, Wash., Sept. 26 – RWE AG began a tender offer for up to €550 million principal amount of four series of notes, according to a company news release.

The company is offering to repurchase its

• €550 million subordinated notes with a first call date in 2025 for a purchase price of 103.45% of par;

• $500 million subordinated notes with a first call date in 2026 for a purchase price of 112.25% of par;

• £750 million subordinated notes with a first call date in 2019 for a purchase price of 107.60% of par; and

• €700 million subordinated notes with a first call date in 2020 for a purchase price of 102.85% of par.

The notes with first call dates in 2025 and 2026 have an acceptance priority level of one, and the notes with first call dates in 2019 and 2020 have an acceptance priority level of two.

If the principal amount of notes offered for repurchase exceeds €550 million, RWE will allocate the maximum acceptance amount between the 2025 notes and the 2026 notes within the priority one notes. The same applies to the allocation between the 2019 notes and the 2020 notes within the priority two notes.

The tender offer will end at 11 a.m. ET on Oct. 5.

The company expects to announce the results on Oct. 6 and for settlement to occur on Oct. 10.

Lucid Issuer Services Ltd. is acting as tender agent.

RWE is an electric utilities company based in Essen, Germany.

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