Orsted starts six-day tender offer for 2.25% hybrids due 3017

By Mary-Katherine Stinson

Lexington, Ky., March 5 – Orsted A/S began a cash tender offer to purchase its €500 million 2.25% hybrid capital securities due 3017 (ISIN: XS1720192696), according to multiple releases.

Orsted is offering a price of 98.75.

The company will also pay interest on the notes.

The offer will expire at 11 a.m. ET on March 11.

Results will be announced as soon as practicable on March 12.

Settlement is expected for March 14.

The purpose of the tender offer is to partly refinance the existing securities and manage the company’s hybrid capital.

Questions about the Regulation S offering should be directed to the dealer managers of the new issuance, which are listed as Citigroup Global Markets Inc., Danske Bank, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. International plc.

The securities were issued in 2017, with a first reset date on Nov. 24, 2024.

The tender offer was conditioned on an issuance of new capital securities denominated in euros. In separate releases, the company announced it priced €750 million of 5.125% subordinated green hybrid capital securities with a maturity date of March 14, 3024.

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

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