REC ASA - EUR 320 million Convertible Bond issue completed
(Thomson Reuters ONE) - Sandvika, October 2, 2009, REC has successfully completed issue ofthe convertible bond announced earlier today.REC announces the pricing of its convertible bond of EUR 320 million.REC intends to use the proceeds from the issue for general corporatepurposes.The subordinated unsecured convertible bonds will have an annualcoupon of 6.50 percent, payable quarterly in arrear on the specifiedpayment dates and a conversion price of EUR 6.4938 representing aconversion premium of 30 percent over the reference price of EUR4.9952 (NOK 42.3040). The applicable EUR: NOK exchange rate has beenset at 8.4690The Bonds will be issued and redeemed at 100 percent of theirprincipal amount and will, unless previously redeemed, converted orpurchased and cancelled, mature on June 4, 2014.REC shall have the right to convert the Bonds into ordinary shares atany time on or after January 4, 2013, provided that the value of theunderlying shares on the Oslo Stock Exchange (translated into EUR) onat least twenty trading days within a period of thirty consecutivetrading days has exceeded 150 percent of the principal amount of theoutstanding Bonds.The Bonds are expected to be settled on or around October 13, 2009.REC may decide to list the Bonds on an exchange at a later stage.NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PARTDIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, SOUTHAFRICA, JAPAN OR THE UNITED STATES:This press release is for information purposes only and does notconstitute or form part of, and should not be construed as an offeror an invitation to sell or issue, or the solicitation of any offerto buy or subscribe for, any securities. In connection with thistransaction there has not been, nor will there be, any publicoffering of the Bonds. No prospectus will be prepared in connectionwith the offering of the Bonds. The Bonds may not be offered to thepublic in any jurisdiction in circumstances which would require RECto prepare or register any prospectus or offering document relatingto the Bonds in such jurisdiction. The distribution of this pressrelease and the offer and sale of the Bonds in certain jurisdictionsmay be restricted by law. Any persons reading this press releaseshould inform themselves of and observe any such restrictions.This press release does not constitute an offer to sell or asolicitation of an offer to purchase any securities in the UnitedStates. The securities referred to herein (including the Bonds andthe shares of REC) have not been and will not be registered under theU.S. Securities Act of 1933, as amended (the "Securities Act") or thelaws of any state within the U.S., and may not be offered or sold inthe United States, except in a transaction not subject to, orpursuant to an applicable exemption from, the registrationrequirements of the Securities Act or any state securities laws. Thispress release and the information contained herein may not bedistributed or sent into the United States, or in any otherjurisdiction in which offers or sales of the securities describedherein would be prohibited by applicable laws and should not bedistributed to United States persons or publications with a generalcirculation in the United States. No offering of the Bonds is beingmade in the United States.This press release is only being distributed to and is only directedat (i) persons who have professional experience in matters relatingto investments falling within Article 19(1) of the Financial Servicesand Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")and (ii) high net worth entities falling within Article 49(2) of theOrder and (iii) persons to whom it would otherwise be lawful todistribute it (all such persons together being referred to as"relevant persons"). The Bonds are only available to, and anyinvitation, offer or agreement to subscribe, purchase or otherwiseacquire such Bonds will be engaged in only with, relevant persons.Any person who is not a relevant person should not act or rely onthis press release or any of its contents.For more information, please contact:Jon André Løkke, SVP and Investor Relations Officer, +47 907 44 949About RECREC is the leading vertically integrated player in the solar energyindustry. REC Silicon and REC Wafer are among the world's largestproducers of polysilicon and wafers for solar applications. REC Solaris a rapidly growing manufacturer of solar cells and modules, and arealso engaging in project development activities in selected segmentsof the PV market. REC had revenues of NOK 8 191 million and anoperating profit of NOK 2 529 million in 2008. Close to 3 000employees work in REC's worldwide organization. Please also seewww.recgroup.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.10.2009 - 18:11 Uhr
Sprache: Deutsch
News-ID 6535
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