Orsted takes in €523.72 million tenders in offer for 3% hybrids

By Wendy Van Sickle

Columbus, Ohio, Dec. 5 – Orsted A/S received and accepted tenders of €523,717,000 notes in its cash tender offer for its €600 million 3% hybrid capital securities due 3015, according to a press release.

Additionally, the purchase price was confirmed after the expiration deadline at 11 a.m. ET on Dec. 5.

The company will pay a purchase price of 102.249, calculated on the basis of a purchase yield of negative 0.35% for the securities.

Settlement is planned for Dec. 9.

Orsted will also pay accrued interest.

The offer was announced on Nov. 27 as part of Orsted’s ongoing liability management and capital structure activities, the company said.

Orsted plans to call the €76,283,000 of securities that have not been validly offered and accepted for purchase under the tender offer following the settlement of the offer.

The redemption option was triggered by more than 80% of the securities being purchased and canceled under the tender, the company reported.

The tender agent is Lucid Issuer Service Ltd. (+44 20 7704 0880 or orsted@lucid-is.com).

Citigroup Global Markets Ltd., Danske Bank A/S, MUFG Securities EMEA plc and J.P. Morgan Securities plc are dealer managers.

Orsted is a Fredericia, Denmark, operator of offshore wind farms, bioenergy plants and innovative waste-to-energy solutions.

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