RWE accepts €584.6 million notes in tender offer for four series

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – RWE AG said it will accept €584.6 million notes from three series in its tender offer for four series of notes, according to a company news release.

The company increased the tender cap from the €550 million originally set when it launched the tender offer on Sept. 26.

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

The company said it has accepted for repurchase its

• €268.32 million of its €550 million subordinated notes with a first call date in 2025 for a purchase price of 103.45% of par;

• $182.54 million of its $500 million subordinated notes with a first call date in 2026 for a purchase price of 112.25% of par; and

• €164,049,000 of its €700 million subordinated notes with a first call date in 2020 for a purchase price of 102.85% of par.

RWE’s £750 million subordinated notes with a first call date in 2019 were also covered by the tender offer with an offered purchase price of 107.60% of par, but because tenders exceeded the maximum acceptance amount, the company said it will not accept any of those notes for repurchase.

Settlement is expected to occur on Oct. 10.

HSBC Bank plc (+44 20 7792 6273 or LM_EMEA@HSBC.com), Royal Bank of Scotland plc (+44 20 7678 5285 or liabilitymanagement@natwestmarkets.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or rwe@lucid-is.com) is the tender agent.

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

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