Württembergische Lebensversicherung AG / Key word(s): Bond 22.04.2014 19:33 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Württembergische Lebensversicherung Aktiengesellschaft, Stuttgart, will issue a new hybrid bond with a nominal value of up to 250 Million EUR in the first half of 2014. Against this background, the Management Board of Württembergische Lebensversicherung Aktiengesellschaft, Stuttgart, today has made the decision to carry out, at the same time as the issue of the new hybrid bond, a repurchase program of the existing subordinated notes with a nominal amount of 130 Million EUR (ISIN Code: XS0244204003), and to make use, in 2016, of the possibility to redeem the subordinated notes, which remain outstanding after the repurchase program, on June 1, 2016 according to para 4.3 in connection with para 4.6 of the terms and conditions applicable to the notes. The early redemption will be made according to para 4.3 of the terms and conditions applicable to the notes at the nominal value of the notes plus all interest payments accrued until June 1, 2016 (exclusive) and all outstanding arrears of interest to that date. The Company will carry out a repurchase program of the subordinated notes pursuant to today's decision in 2014 only if - as set forth in the terms and conditions applicable to the notes - the regulator (presently the Bundesanstalt für Finanzdienstleistungsaufsicht) has approved the repurchase. The same applies to today's decision to exercise, in 2016, the right of early redemption of the amount of the subordinated notes which remain outstanding after the implementation of a repurchase program if - as set forth in terms and conditions applicable to the notes - the regulator has approved the early redemption. The decision to repurchase and to early redeem the notes is subject to the proviso of, and conditional upon, the issue of the new hybrid bond. The decision of the Management Board to exercise the early redemption right has been made on the basis of the assumption that by the time of the exercise in 2016 of the early redemption right the regulatory framework has not changed in a manner which would lead to a revision of the decision to exercise the early redemption right. A revision of the decision to early redeem the subordinated notes on June 1, 2016 would require the approval of the relevant regulator (presently the Bundesanstalt für Finanzdienstleistungsaufsicht). 22.04.2014 DGAP's 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: Württembergische Lebensversicherung AG Gutenbergstr. 30 70176 Stuttgart Germany Phone: 0711-662-721471 Fax: 0711-662-1500 E-mail: immo.dehnert@ww-ag.com Internet: www.ww-ag.com ISIN: DE0008405028, DE0008405002, XS0244204003 WKN: 840502, 840500, A0H5QT Listed: Regulierter Markt in Stuttgart; Freiverkehr in Düsseldorf; Frankfurt in Open Market ; Luxemburg End of Announcement DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: Württembergische Lebensversicherung AG: Early repurchase of subordinated 20NC10 notes (ISIN Code: XS0244204003)
| Source: EQS Group AG