By Susanna Moon
Chicago, June 19 - DONG Energy A/S said holders tendered for exchange €610 million of its €700 million 7¾% callable subordinated capital securities due 3010.
DONG Energy said it expected to accept the notes at an exchange value of 104% of par.
In exchange, the company will issue €636 million of new hybrid securities with first call date in June 2023, according to two company press releases.
The company priced on Wednesday a total of €700 million of 6¼% notes due June 26, 3013 at 99.449% of par with a spread over the 10-year euro mid-swap rate of 450 basis points. The total amount includes €64 million of notes to be issued in addition to the €636 million to be issued as part of the exchange.
The exchange offer ended at 11 a.m. ET on June 18. The offer began on June 10.
The energy company is based in Fredericia, Denmark.
New notes
| Issuer: | DONG Energy A/S
|
| Issue: | Hybrid securities
|
| Amount: | €700 million
|
| Maturity date: | June 26, 3013
|
| Coupon: | 6¼%
|
| Price: | 99.449
|
| Spread: | 450 bps over euro mid-swap rate
|
| Call: | At par beginning June 26, 2023
|
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