Orsted gives results of increased tender offer of 6.25% hybrids due 3013

By Rebecca Melvin

New York, Feb. 17 – Orsted A/S announced the results of its increased cash tender offer to purchase up to €350,022,000 million of its €700 million 6.25% hybrid capital securities due 3013 (ISIN: XS0943370543), according to a news release.

The offer was increased to its maximum purchase amount from €250 million as initially announced on Feb. 9.

As of 10 a.m. ET on Feb. 16, €436,652,000 principal amount of securities had been validly tendered, and the company has accepted €350,033,000 of those securities, subject to a proration factor of 80.2%.

The purchase price is 114.028. The purchase price was determined on Wednesday by reference to a reference benchmark yield of negative 0.494% and a purchase spread of 75 basis points. Orsted will also pay accrued interest for securities accepted for purchase under the offer.

Settlement is expected for Feb. 18.

The offer was conditioned on a new dual-tranche issue of subordinated green hybrid capital securities.

As previously reported, the purpose of the tender offer is to partly refinance the existing securities and increase Orsted’s total amount of outstanding hybrid capital.

Lucid Issuer Services Ltd. (+44 207 704 0880, orsted@lucid-is.com) is the tender agent.

Barclays Bank Ireland plc, Deutsche Bank AG, Goldman Sachs International, Morgan Stanley & Co. International plc and Nordea Abp 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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