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DONG Energy tenders for remaining 7.75% notes after exchange offer
By Susanna Moon
Chicago, June 20 - DONG Energy A/S said it began a tender offer for any remaining 7.75% callable subordinated capital securities due 3010.
The purchase price will be €1,040 for each €1,000 par amount of notes tendered by the end of the offer at 11 a.m. ET on July 10.
The offer will be open to all eligible retail noteholders, which means holders located outside of the United States who submit no more than €250,000 aggregate nominal amount of the securities for purchase in cash, according to a company press release.
As noted before, the company completed an exchange offer for the notes on June 19, with holders tendering for exchange €610 million of the company's €700 million 7.75% notes at an exchange value of 104% of par.
In exchange, the company planned to issue €636 million of new hybrid securities with first call date in June 2023, according to previous 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 began on June 10 and ended at 11 a.m. ET on June 18.
The energy company is based in Fredericia, Denmark.
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