DGAP-News: Hannover Rückversicherung AG / Key word(s): Bond
Hannover Re successfully issues hybrid bond
13.11.2012 / 17:40
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Press release
Hannover Re successfully issues hybrid bond
Hannover, 13 November 2012: Hannover Re has today successfully placed a new
EUR 500 million subordinated bond in the European debt capital markets via
its subsidiary Hannover Finance (Luxembourg) S. A. The issue - which was
oversubscribed several times - was placed principally with institutional
investors in Europe.
'With this bond issue we are taking advantage of the currently prevailing
very attractive level of interest rates to further optimise our capital
structure', Chief Executive Officer Ulrich Wallin commented.
The bond has a maturity of approximately 30 years, with a first scheduled
call option on 30 June 2023. It carries a fixed coupon of 5.00% p.a. until
this date, after which the interest basis changes to a floating rate of
3-month EURIBOR + 430 basis points. The banks entrusted with handling this
transaction were Commerzbank - as the structuring advisor, J.P. Morgan,
Société Générale Corporate and Investment Banking and UniCredit Bank AG.
Hannover Re traditionally uses hybrid bonds to optimise its cost of
capital. Following the successful new issue the company has four
outstanding hybrid bonds in the capital markets.
For further information please contact:
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Julia Hartmann (tel. +49 511 5604-1529,
e-mail: julia.hartmann@hannover-re.com)
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of around EUR 12 billion, is the
third-largest reinsurer in the world. It transacts all lines of non-life
and life and health reinsurance and is present on all continents with
around 2,200 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
End of Corporate News
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13.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Hannover Rückversicherung AG
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: info@hannover-re.com
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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193057 13.11.2012
DGAP-News: Hannover Re successfully issues hybrid bond
| Source: EQS Group AG