Hannover Re is set to place a subordinated debt offering on the European capital market via...
Hannover Re is set to place a subordinated debt offering on the European capital market via its subsidiary Hannover Finance (Luxembourg) SA.
The debt issue will be offered from tomorrow to institutional investors in several European financial marketplaces. JP Morgan is handling placement.
As part of this transaction Hannover Re also plans to replace as far as possible a subordinated debt of €350m (£240m) issued in 2001. The holders of the issue, which matures in 2031, will have the opportunity to exchange their existing subordinated debt for holdings in the new offering.
Chief executive Wilhelm Zeller said: "Hannover Re is taking advantage of the current low level of interest rates to raise additional, even longer-dated hybrid capital in order to further optimise its capital base."
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