Pozavarovalnica Sava

Capital/Financing Update • Oct 29, 2019

Category: Inside information

Published on: SEOnet

Published at:  28.10.2019 15:52

Published document ID: INI-689/19

INI-678/19

SAVA RE, d. d., Ljubljana

Regarding the document: Regarding the document: Sava Re d.d. considers options for issuing subordinated bonds

Sava Re issues subordinated bonds

Pursuant to the rules of the Ljubljana Stock Exchange and applicable legislation, Sava Re d.d. announces it has successfully issued a subordinated bond with scheduled maturity in 2039, ISIN XS2063427574, and with a first call date on 7 November 2029 (the "First Call Date"). The capital raised qualifies as Tier 2 Capital under Solvency II regulations. Sava Re d.d intends to use the net proceeds for general corporate purposes of Sava Insurance Group and for the optimisation of its capital structure.

The total issue size is EUR 75 million. Until the First Call Date, the annual interest rate will be fixed at 3.750 %, with the coupon payable annually. Thereafter, unless previously redeemed, the Bonds will bear interest at a rate of 4.683 % per annum above the 3-months EURIBOR, with the coupon payable quarterly. The bond issue is intended for qualified investors and will be traded on the regulated market of the Luxembourg Stock Exchange.

This transaction was structured and lead managed by Erste Group Bank AG.

This information will be made public on the website of Sava Re d.d., https://www.sava-re.si/si/,  from 28 October 2019 and will remain available there for at least five years.

The Management Board of Sava Re d.d.

Date: 29.10.2019