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1487664000000 | IR Press Release

EnBW exercises first call right on hybrid bond from 2011/2012

EUR 1 billion hybrid bond will be repaid at the first call date – Hybrid capital remains an important and long-term element of EnBW’s capital structure
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Karlsruhe. EnBW Energie Baden-Württemberg AG has exercised the call option on its hybrid bond issued in 2011 and increased in 2012 as of the first call date on 2 April 2017. This bond was the first hybrid bond issued by EnBW and has a total volume of EUR 1 billion and a coupon of 7.375 percent. This security will be repaid at 100 percent of its nominal value. In the past year EnBW has issued two hybrid bonds (USD 300 million and EUR 725 million) which replace the now called bond in the capital structure.

“As a result of the repayment of the hybrid bond from 2011/2012 and the early refinancing in October 2016, we are able to improve our financing conditions without changing the financing structure”, explained Thomas Kusterer, Chief Financial Officer of EnBW. “Hybrid bonds continue to be an important financing instrument for EnBW to support the ratings and the capital structure.”

A hybrid bond is a mixture of equity and debt. Therefore, this type of bond is only partially evaluated as a liability by the rating agencies. Hybrid bonds generally have higher coupons than senior bonds because they are subordinate to all other financial debt and have several equity-like characteristics.

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Legal note:

This announcement and the information contained within it is not intended for publication or distribution outside of the European Union, especially not in the United States of America, Canada, Australia, Japan, Hong Kong or Singapore. This announcement does not constitute an offer or an invitation to purchase securities in the United States of America, Canada, Australia, Japan, Hong Kong or Singapore or in other jurisdictions in which an offer is subject to legal restrictions. The securities referred to in this announcement are not and will not be registered in accordance with the regulations of the U.S. Securities Act from 1933 in the currently valid version or the laws of the US federal states and thus were not and will not be offered or sold within the United States of America, or for or on account or for the benefit of U.S. persons. Equally, the securities referred to in this announcement are not and will not be registered in accordance with the regulations in Canada, Australia, Japan, Hong Kong, Singapore or other jurisdictions outside of the European Union and publications about these securities are not and will not be examined by the regulatory authorities nor will these securities be sold on or for the account of natural or legal persons in these countries and in other countries outside of the European Union or offered to them for sale.

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Corporate Communications
EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
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THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT INTENDED FOR PUBLICATION NOR DISTRIBUTION OUTSIDE OF THE EUROPEAN UNION, ESPECIALLY NOT IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, HONG KONG OR SINGAPORE

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