Earnings Release • Sep 8, 2014
Earnings Release
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Corporate | 8 September 2014 16:57
Hannover Re issues additional hybrid capital
Hannover Rück SE / Key word(s): Miscellaneous
08.09.2014 / 16:57
Hannover Re issues additional hybrid capital
Hannover, 8 September 2014: Hannover Re has today successfully placed a new EUR 500 million subordinated bond on the capital market. The issue was placed predominantly with institutional investors in Europe.
“The new bond enables Hannover Re to take advantage of the low level of interest rates and to optimise the maturity profile of the outstanding hybrid capital”, Chief Executive Officer Ulrich Wallin explained.
The issue has a perpetual maturity with a first scheduled call option for Hannover Re after approximately ten years. It carries a fixed coupon of 3.375% p. a. until this date, after which it can be called at each coupon date and the interest rate basis changes to 3-month EURIBOR + 325 basis points. The banks mandated to handle this transaction were Commerzbank – as the structuring advisor – as well as Barclays Bank, Citigroup and Crédit Agricole.
Hannover Re traditionally uses hybrid bonds to optimise its cost of capital. Following this successful new issue the company has four hybrid bonds outstanding on the capital market.
For further information please contact:
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: [email protected])
Investor Relations:
Axel Bock (tel. +49 511 5604-1736,
e-mail: [email protected])
Please visit: www.hannover-re.com
Hannover Re , with a gross premium of EUR 14.0 billion, is the third-largest reinsurer in the world. It transacts all lines of property/casualty and life/health reinsurance and is present on all continents with around 2,400 staff. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”).
Please note the disclaimer:
www.hannover-re.com/misc/disclaimer-pr-050811
08.09.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | Hannover Rück SE |
| Karl-Wiechert-Allee 50 | |
| 30625 Hannover | |
| Germany | |
| Phone: | +49-(0)511-5604-1500 |
| Fax: | +49-(0)511-5604-1648 |
| E-mail: | [email protected] |
| Internet: | www.hannover-re.com |
| ISIN: | DE0008402215 |
| WKN: | 840 221 |
| Indices: | MDAX |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), Hannover; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Terminbörse EUREX |
| End of News | DGAP News-Service |
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| 286057 08.09.2014 |
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