EnBW exercises first call right on subordinated bonds from 2016

Karlsruhe. EnBW Energie Baden-Württemberg AG will exercise the call option on its subordinated bonds issued in September 2016 on 5 December 2021. The subordinated bonds with a volume of EUR 725 million and USD 300 million will be repaid at their principal amount plus accrued interest in accordance with the terms and conditions of the Notes at the earliest possible date on 5 January 2022.

Subordinated bonds continue to be an important financing instrument for EnBW. They support the Company’s credit ratings and capital structure. EnBW sees subordinated capital as a long-term element of its capital structure. As recently as August 2021, EnBW had issued two subordinated bonds for EUR 500 million each, one of them as a green tranche.

The euro bond has ISIN XS1405770907 (Common Code 14057709 / WKN A2BPFD), while the USD bond has ISIN XS1498442521 (Common 149844252 / WKN A2BN7K).

A subordinated bond is a mixture of equity and debt. This type of bond is therefore only partially treated as a liability by the rating agencies. Subordinated bonds generally have higher coupons than senior bonds as they are subordinated to all other financial debt and have other equity-like characteristics.

Best Regards

Your EnBW-Team Investor Relations
investor.relations@enbw.com
+49 721 63-12060

EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe

Company‘s registered office: Karlsruhe • Local court Mannheim • HRB no. 107956
Chairman of the Supervisory Board: Lutz Feldmann
Board of management: Dr. Frank Mastiaux (Chairman), Dirk Güsewell, Thomas Kusterer, Colette Rückert-Hennen, Dr. Georg Stamatelopoulos