DGAP-Adhoc: Württembergische Lebensversicherung AG: Early repurchase of subordinated 20NC10 notes (ISIN Code: XS0244204003)

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| Source: EQS Group AG
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.

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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,
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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
 
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