Successful placement of bonds

Sandvika, April 14, 2011: Reference is made to Renewable Energy Corporation ASA's (REC) announcement on April 12, 2011 regarding the intention to issue new senior unsecured bonds in the Norwegian market. REC has successfully placed two new bond issues of NOK 500 million and NOK 700 million with 5 and 7 year tenors respectively. Settlement date is expected to be May 3, 2011.The offering was oversubscribed.

As part of the bond offering, REC offered conditional buy-back of the existing bond REC01. Total volume bought back in REC01 is NOK 600 million, and the repurchase price of 110 was fixed at end of business day April 13, 2011 with settlement date May 3, 2011. As previously announced, the net proceeds will be used for general corporate purposes.

REC is pleased with the transactions which extends the company's debt maturity profile.

DnB NOR Markets, Nordea Markets and SEB Merchant Banking have acted as arrangers of the transaction.

For further information please contact:
Mikkel Tørud, VP & IRO: +47 97 69 91 44


About REC
REC is a leading vertically integrated player in the solar energy industry. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing more than 4,200 people worldwide. REC had revenues close to NOK 14 billion in 2010.  Please visit www.recgroup.com to learn more about REC.

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)