Orsted tenders for any and all 6.25% hybrids due 3013

By Wendy Van Sickle

Columbus, Ohio, Nov. 29 – Orsted A/S began a cash tender offer to purchase any and all of its 6.25% hybrid capital securities due 3013 (ISIN: XS0943370543), according to a news release.

There is €349,978,000 of the original €700 million principal amount of the notes outstanding.

Orsted is offering a price of 102.

The company will also pay interest on the notes.

The offer will expire at 11 a.m. ET on Dec. 5.

Settlement is expected for Dec. 8.

The tender offer is conditioned on an issuance of new capital securities denominated in euros.

The purpose of the tender offer is to partly refinance the existing securities and manage the company’s hybrid capital. It gives holders an opportunity to switch into new capital securities ahead of the first optional redemption date of the existing securities, which is June 26, 2023.

Kroll Issuer Services Ltd. (+44 20 7704 0880, orsted@lucid-is.com) is the tender and information agent.

BNP Paribas (+33 1 55 77 78 94 or liability.management@bnpparibas.com), Deutsche Bank AG (+44 20 7545 8011), Morgan Stanley & Co. International plc (+44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) and MUFG Securities (Europe) NV (liability.management@mufgsecurities.com) will act as dealer managers on the tender offer.

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

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