NKT plans at least €100 million green refinancing hybrid securities

By Marisa Wong

Los Angeles, Aug. 22 – NKT A/S intends to issue new euro-denominated green hybrid securities with an expected minimum issue size of €100 million, subject to market conditions, according to a Monday press release.

Danske Bank A/S, Nordea Bank Abp and Nykredit Bank A/S are the joint arrangers and bookrunners.

The final size and pricing will be determined when the book-building process closes.

The purpose of the issuance is to support future growth opportunities, the company said.

Proceeds will be used to finance or refinance tangible assets and operational expenditures that have been evaluated to have distinct sustainable benefits in accordance with the company’s green finance framework.

If the transaction is completed, the securities will refinance NKT’s outstanding €150 million 5.375% hybrid securities issued in 2018.

The company announced on Monday a concurrent tender offer to purchase the outstanding hybrid securities issued in 2018. The maximum tender amount will be set equal to the amount of the new securities.

Brondby, Denmark-based NKT is an industrial holding company with interests in power cables and wires as well as optical components, lasers and crystal fibers.

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