Munich Re successfully concludes tender offer and new issue as part of its active capital management
2011/03/30
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As announced on 10 March, Munich Re has as part of its active capital management repurchased outstanding bonds with a volume of €1.154bn and issued a new €1bn bond that is similarly eligible as capital.
The new bond has a term of 30 years and is first callable after ten years subject to a fixed coupon rate of 6% p.a. and thereafter a floating rate. The new bond has been structured to comply with existing insurance regulations (Solvency I), expected future insurance regulations (Solvency II), and rating agency requirements.
With this transaction, Munich Re is consistently pursuing its active capital management.
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The Information requested relates to financial instruments, securities or offers thereof, which are not offered in or into and may not be accepted in or from the United States, Canada, Australia or Japan or by US persons (as defined in Regulation S of the Securities Act of 1933). Accordingly, neither the instruments or securities, nor any offer thereof, have been (i) registered under the US Securities Act, nor under the laws of any state of the United States, (ii) such instruments or securities may not be offered, sold, resold, pledged or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration requirements of the US Securities Act, and (iii) such instruments or securities may be subject to US tax law requirements. No documents contained herein constitute an offer to sell or a solicitation of an offer to buy instruments or securities in the United States, Canada, Australia or Japan or to US persons, or in any other jurisdiction in which such an offer or solicitation is unlawful. Persons wishing to accept an offer must not use the United States, Canadian, Australian or Japanese mails or any means or instrumentality (including, without limitation, facsimile transmission, telex or telephone) of interstate or foreign commerce or any facilities of a national securities exchange of the United States, Canada, Australia or Japan for any purpose directly or indirectly related to the acceptance of an offer. Acceptances or other documents in respect of an offer should not be postmarked in the United States, Canada, Australia or Japan. All accepting persons must provide addresses outside the United States, Canada, Australia or Japan for the receipt of any instruments or securities. Further, any holder of the relevant instruments or securities shall be deemed to have represented to the issuer (i) that such holder is not a US person and (ii) that such holder is not acquiring such instrument or security for the account of any US person.
Neither the information contained in these pages, nor any opinion expressed, constitute an offer of or invitation to purchase instruments or securities in any jurisdiction. Any such offer or invitation will only be made in documents to be published in the due course and any such offer or invitation is limited to the information provided in such documents.
The Information requested relates to financial instruments, securities or offers thereof, which are not offered in or into and may not be accepted in or from the United States, Canada, Australia or Japan or by US persons (as defined in Regulation S of the Securities Act of 1933). Accordingly, neither the instruments or securities, nor any offer thereof, have been (i) registered under the US Securities Act, nor under the laws of any state of the United States, (ii) such instruments or securities may not be offered, sold, resold, pledged or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration requirements of the US Securities Act, and (iii) such instruments or securities may be subject to US tax law requirements. No documents contained herein constitute an offer to sell or a solicitation of an offer to buy instruments or securities in the United States, Canada, Australia or Japan or to US persons, or in any other jurisdiction in which such an offer or solicitation is unlawful. Persons wishing to accept an offer must not use the United States, Canadian, Australian or Japanese mails or any means or instrumentality (including, without limitation, facsimile transmission, telex or telephone) of interstate or foreign commerce or any facilities of a national securities exchange of the United States, Canada, Australia or Japan for any purpose directly or indirectly related to the acceptance of an offer. Acceptances or other documents in respect of an offer should not be postmarked in the United States, Canada, Australia or Japan. All accepting persons must provide addresses outside the United States, Canada, Australia or Japan for the receipt of any instruments or securities. Further, any holder of the relevant instruments or securities shall be deemed to have represented to the issuer (i) that such holder is not a US person and (ii) that such holder is not acquiring such instrument or security for the account of any US person.
Neither the information contained in these pages, nor any opinion expressed, constitute an offer of or invitation to purchase instruments or securities in any jurisdiction. Any such offer or invitation will only be made in documents to be published in the due course and any such offer or invitation is limited to the information provided in such documents.