2018 Convertible Bond Loan

On August 12, 2013, REC successfully closed an offering of convertible bonds of USD 110 million (NOK 643 million) maturing on September 11, 2018. The offering was oversubscribed.

The bonds are convertible into ordinary REC shares with a strike price of NOK 3.60, and have quarterly coupon payments of 6.5% p.a.

REC also bought back EUR 79.05 million (NOK 618 million) of the existing convertible bond maturing in 2014 at par value. Out of the bought back amount, NOK 185 million was settled in cash and the remainder through the issuance of USD 74.00 million (NOK 433 million) in the new 2018 convertible bond.