REC - successful completion of USD 110 million new convertible bond issue

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Sandvika, August 13, 2013:  Renewable Energy Company ASA (REC) has today successfully closed an offering of convertible bonds of USD 110 million (NOK 643 million) maturing on September 13, 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 has 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 will be settled in cash and the remainder through the issuance of USD 74.00 million (NOK 433 million) in the new 2018 convertible bond. After the transaction, the remaining principal value of the convertible bond maturing in 2014 is EUR 81.20 million (NOK 635 million).

The completion of the convertible bond issue is conditional upon approval by an Extraordinary General Meeting which is expected to be held on or about September 6, 2013.

The settlement date for the convertible bond issue and exchange offer is expected on or about September 13, 2013.

With reference to the stock exchange notice of August 12, 2013, please see an updated presentation summarizing the convertible bond issue and exchange offer and the proposed conditional bond repurchase offers.  

For further information, please contact:

Mikkel Tørud,
SVP Investor Relations & Business Development, REC
Telephone: +47 976 99 144
Email: mikkel.torud@recgroup.com

About REC

REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,200 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion.

To see more of what REC can offer, visit www.recgroup.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Completed CB issue
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Completed CB issue