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Adjustment of set interest rate on subordinated CHF hybrid

Lausanne – In May 2013, Alpiq Holding AG placed a perpetual hybrid of CHF 650 million with an interest rate of 5% on the capital market. Under the terms of the hybrid, Alpiq has the right to redeem the hybrid for the first time on 15 November 2018. In line with its financial strategy, Alpiq waives the right to exercise this redemption option.

Alpiq remains committed to maintaining a solid equity and liquidity foundation, placing an unchanged high priority on further balance sheet optimisations by reducing senior debt. For this reason, in line with its financial strategy, Alpiq will not exercise its first option to redeem the hybrid in 2018.

As a result, in accordance with the terms and conditions of the hybrid, the coupon on the hybrid (“Perpetual Subordinated Notes”) will be recalculated for the next five-year period and announced on 8 November 2018 by UBS AG in its role as calculation agent. The next and hence final interest payment at 5% will thus be made on 15 November 2018.

In accordance with terms of the hybrid, the reset reference interest rate to be applied on November 8 may be negative. Together with the margin of 4.5725% p.a., this may result in a lower annual coupon for the next interest rate fixation period from 15 November 2018 to 15 November 2023 (“first step-up date”) compared to the initial interest rate of 5%.

In accordance with their terms and conditions, the additional outstanding hybrids totalling CHF 366.5 million of the Alpiq consortium shareholders, which have no longer yielded interest since 15 March 2015, will not be subject to any adjustment.

Alpiq’s outstanding hybrid capital thus remains unchanged at a total of CHF 1,016.5 million.

Find more information about Alpiq on www.alpiq.com

Lukas Oetiker

FE-Leiter Treasury & Insurance

E - 1st Floor - R10
Bahnhofstrasse 41a
4600 Olten
Switzerlad
T: +41 62 286 7537

lukas.oetikermail@alpiqweb.com
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Sabine Labonte

Mediensprecherin & PR

E - 2nd Floor - R20
Bahnhofstrasse 41a
4600 Olten
Switzerland
T: +41 62 286 7559

sabine.labontemail@alpiqweb.com
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