DONG Energy holders tender €524.08 million of four notes; pricing set

By Susanna Moon

Chicago, May 11 – DONG Energy A/S said investors had tendered €524,084,000 of four series of notes in the offer that ran until 11 a.m. ET on May 10.

DONG Energy will accept all of the tendered notes for purchase without scaling, according to a company announcement.

As announced April 28, the company was tendering for up to €650 million of the four note series.

Investors had tendered the following amounts with pricing for two series set at 5 a.m. ET on May 11 to reflect a yield to maturity of each series on the settlement date equal to the purchase yield:

• €42.68 million of the €500 million 4% notes due Dec. 16, 2016 with a purchase yield of 0% and a purchase price of 102.372% of par;

• €193,787,000 of the €500 million 6.5% notes due May 7, 2019 with a purchase yield of 0% and a purchase price of 119.393;

• €139,627,000 of the €500 million 4.875% notes due Dec. 16, 2021 with pricing set at 124.364 using the Interpolated Mid-Swap rate plus 40 basis points for a benchmark rate of 0.053% and a purchase yield of 0.453%; and

• €147.99 million of the €750 million 2.625% notes due Sept. 19, 2022 with pricing set at 112.383 using the Interpolated Mid-Swap rate plus 50 bps for a mid-swaps rate of 0.13% and a purchase yield of 0.63%.

After the repurchase, the amounts left outstanding will be €457.32 million for the 4% notes, €306,213,000 for the 6.5% notes, €360,373,000 for the 4.875% notes and €602.01 million for the 2.625% notes.

The purchase prices for the 4% notes and 6.5% notes assume a settlement date of May 13.

The company previously said it would allocate up to €650 million between the notes at its discretion with no more than €250 million allocated to the 2022 notes.

The offers are part of the company's ongoing liability management activities, the previous release noted. Notes purchased under the offers will be canceled.

The dealer managers are Barclays Bank plc (+44 0 20 3134 8515 or eu.lm@barclays.com), BNP Paribas (+44 0 20 7595 8668 or liability.management@bnpparibas.com) and Mitsubishi UFJ Securities International plc (+44-207-577-4048/4218 or DCM-LiabilityManagement@int.sc.mufg.jp).

The tender agent is Citibank, N.A., London Branch (+44 (0) 207 508 3867, exchange.gats@citi.com or debtxportal.issuerservices.citigroup.com).

The integrated energy company is based in Fredericia, Denmark.

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