REC ASA - EUR 320 million Convertible Bond issue completed

10/2/2009, 6:11 PM (Source: GlobeNewswire)
Sandvika, October 2, 2009, REC has successfully completed issue of
the 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 corporate
purposes.

The subordinated unsecured convertible bonds will have an annual
coupon of 6.50 percent, payable quarterly in arrear on the specified
payment dates and a conversion price of EUR 6.4938 representing a
conversion premium of 30 percent over the reference price of EUR
4.9952 (NOK 42.3040). The applicable EUR: NOK exchange rate has been
set at 8.4690

The Bonds will be issued and redeemed at 100 percent of their
principal amount and will, unless previously redeemed, converted or
purchased and cancelled, mature on June 4, 2014.

REC shall have the right to convert the Bonds into ordinary shares at
any time on or after January 4, 2013, provided that the value of the
underlying shares on the Oslo Stock Exchange (translated into EUR) on
at least twenty trading days within a period of thirty consecutive
trading days has exceeded 150 percent of the principal amount of the
outstanding 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 PART
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, SOUTH
AFRICA, JAPAN OR THE UNITED STATES:

This press release is for information purposes only and does not
constitute or form part of, and should not be construed as an offer
or an invitation to sell or issue, or the solicitation of any offer
to buy or subscribe for, any securities. In connection with this
transaction there has not been, nor will there be, any public
offering of the Bonds. No prospectus will be prepared in connection
with the offering of the Bonds. The Bonds may not be offered to the
public in any jurisdiction in circumstances which would require REC
to prepare or register any prospectus or offering document relating
to the Bonds in such jurisdiction. The distribution of this press
release and the offer and sale of the Bonds in certain jurisdictions
may be restricted by law. Any persons reading this press release
should inform themselves of and observe any such restrictions.

This press release does not constitute an offer to sell or a
solicitation of an offer to purchase any securities in the United
States. The securities referred to herein (including the Bonds and
the shares of REC) have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act") or the
laws of any state within the U.S., and may not be offered or sold in
the United States, except in a transaction not subject to, or
pursuant to an applicable exemption from, the registration
requirements of the Securities Act or any state securities laws. This
press release and the information contained herein may not be
distributed or sent into the United States, or in any other
jurisdiction in which offers or sales of the securities described
herein would be prohibited by applicable laws and should not be
distributed to United States persons or publications with a general
circulation in the United States. No offering of the Bonds is being
made in the United States.

This press release is only being distributed to and is only directed
at (i) persons who have professional experience in matters relating
to investments falling within Article 19(1) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")
and (ii) high net worth entities falling within Article 49(2) of the
Order and (iii) persons to whom it would otherwise be lawful to
distribute it (all such persons together being referred to as
"relevant persons"). The Bonds are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise
acquire such Bonds will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on
this press release or any of its contents.


For more information, please contact:
Jon André Løkke, SVP and Investor Relations Officer, +47 907 44 949

About REC
REC is the leading vertically integrated player in the solar energy
industry. REC Silicon and REC Wafer are among the world's largest
producers of polysilicon and wafers for solar applications. REC Solar
is a rapidly growing manufacturer of solar cells and modules, and are
also engaging in project development activities in selected segments
of the PV market. REC had revenues of NOK 8 191 million and an
operating profit of NOK 2 529 million in 2008. Close to 3 000
employees work in REC's worldwide organization. Please also see
www.recgroup.com.


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