Essen,
01
March
2017
|
12:02
Europe/Amsterdam

RWE and innogy implement Europe's largest guarantor and creditor exchange for €11 billion in corporate bonds

On 7 October 2016, innogy SE celebrated its debut on the Frankfurt trading floor. Soon thereafter, the guarantor and creditor change for all RWE AG senior bonds outstanding to innogy SE was initiated and successfully completed in February 2017. With a total volume of €11 billion equivalent, this transaction, which encompassed 18 bonds of various currencies, is the largest of its type by a corporate in Europe.

The transfer was largely effected on the basis of the German Bond Act. This resulted in the act being applied to a large sized transaction outside of a restructuring situation for the first time. As a result of the successful implementation the corresponding financing between RWE and innogy has been eliminated. innogy is thus establishing itself as an autonomous player also on the bond market, emphasising the two companies' financial independence.

 

Important Note

This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialization of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.