DGAP-News: Hannover Rück SE / Key word(s): Miscellaneous
Hannover Re issues additional hybrid capital
08.09.2014 / 16:57
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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: gabriele.handrick@hannover-re.com)
Investor Relations:
Axel Bock (tel. +49 511 5604-1736,
e-mail: axel.bock@hannover-re.com)
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
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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
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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: 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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286057 08.09.2014
DGAP-News: Hannover Re issues additional hybrid capital
| Source: EQS Group AG