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EnBW successfully issues first US private placement

Total issue size US$850 million / Further addition to sources of finance and investor base
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Karlsruhe. EnBW successfully issued its first US private placement with a total volume of US$850 million today. The transaction included tranches denominated in euros, US dollars and pounds sterling, with maturities between three and twelve years. It was preceded by an intensive two-week dialogue with investors.

As Thomas Kusterer, CFO of EnBW, emphasised, “The successful issuance of our first US private placement proves that investors reward our integrated portfolio approach along the entire energy value chain.” The maturities for the majority of the transaction volume are 10 or 12 years. “This long-term financing is a perfect fit for our planned investment in grids and renewables. The large share of low-risk business gives our business model stability. This is particularly evident in the current volatile market environment,” Kusterer continued.

“Following our very successful first promissory note issued this summer, our debut US private placement is now the second new financing instrument for EnBW this year,” said Marcel Münch, SVP Finance, M&A and Investor Relations. “EnBW is thus entering new markets and using new financing instruments to broaden its investor base.”

In view of the strong interest shown by investors, the US$850 million transaction size almost tripled the US$300 million targeted in the term sheet. EnBW’s issuance is thus the largest US private placement so far this year for a German issuer.

The arrangers for EnBW on the transaction were Citi and NatWest.

Contacts

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Martina Evers
Group Spokesperson
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