Orsted A/S

Result of Tender Offer

RNS Number : 3845X
Orsted A/S
23 November 2017
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 

ØRSTED A/S
(formerly known as DONG Energy A/S)

 ANNOUNCES RESULTS OF ITS TENDER OFFERS

 

23 November 2017

Ørsted A/S (formerly known as DONG Energy A/S) (the "Offeror") announces today the results and pricing of its invitation to holders of its €500,000,000 6.500 per cent. Notes due 7 May 2019 (of which €306,213,000 is currently outstanding) (the "2019 Notes"), its €500,000,000 4.875 per cent. Notes due 16 December 2021 (of which €360,373,000 is currently outstanding) (the "2021 Notes") and its €750,000,000 2.625 per cent. Notes due 19 September 2022 (of which €602,010,000 is currently outstanding) (the "2022 Notes", and together with the 2019 Notes and the 2021 Notes, the "Notes" and each a "Series") to tender such Notes for purchase by the Offeror for cash (each such invitation, an "Offer" and together, the "Offers").

The Offers were announced on 16 November 2017 and were made, subject to satisfaction or waiver of the New Financing Condition and subject to the other terms and conditions contained in the tender offer memorandum dated 16 November 2017 (the "Tender Offer Memorandum") prepared by the Offeror. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. 

The Expiration Deadline for the Offers was 5.00 p.m. (CET) on 22 November 2017.

As at the Expiration Deadline, €191,220,000 in aggregate principal amount of the Notes had been validly tendered pursuant to the Offers. 

The Offeror confirms that the New Financing Condition has been satisfied.

Following the Expiration Deadline, the Offeror hereby announces that it has decided to (i) set the Final Acceptance Amount (being the aggregate principal amount of Notes validly tendered and accepted for purchase) at €191,220,000, and (ii) accept for purchase any and all Notes validly tendered pursuant to the Offers, without scaling, as set out below.

The Purchase Price in respect of the 2022 Notes accepted for purchase was determined at or around 2.00 p.m. (CET) today; the Purchase Price in respect of the 2019 Notes and the 2021 Notes was determined on the basis of a fixed yield as described in the Tender Offer Memorandum, all as set out below.

Notes

ISIN

Outstanding Principal Amount

Benchmark

Purchase Spread

Purchase
Yield

Series Acceptance Amount

Pro-ration factor

Purchase Price

Accrued Interest

Outstanding Principal Amount after Settlement Date

2019 Notes

XS0426738976

€306,213,000

N/A

N/A

-0.350 per cent.

€26,012,000

N/A

109.973%

3.5795%

€280,201,000

2021 Notes

XS0473783891

€360,373,000

N/A

N/A

-0.050 per cent.

€80,438,000

N/A

120.022%

4.5812%

€279,935,000

2022 Notes

XS0829114999

€602,010,000

0.185%

-10 bps

0.085 per cent.

€84,770,000

N/A

112.210%

0.4747%

€517,240,000

The applicable Purchase Price together with Accrued Interest will be paid to Noteholders whose Notes have been accepted for purchase by the Offeror. Settlement is expected to occur on 24 November 2017.



 

 

 

THE DEALER MANAGERS

BNP Paribas

10 Harewood Avenue

London NW1 6AA

United Kingdom

Telephone: +44 (0)20 7595 8668

Attention: Liability Management Group

Email: [email protected]

Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Telephone: +44 20 7545 8011

Attention: Liability Management Group

 

Skandinaviska Enskilda Banken AB (publ)

Kungsträdgårdsgatan 8

106 Stockholm

Sweden

Telephone: +46 8 506 232 09

Attention: Liability Management

Email: [email protected]

 

THE TENDER AGENT

 

Citibank, N.A., London Branch
Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Telephone: +44 (0) 207 508 3867

Attention: Exchange Team - Agency & Trust

Email: [email protected]

Liability Management Portal: https://debtxportal.issuerservices.citigroup.com

 

 

 

DISCLAIMER 

The offer period for the Offers has now expired.  No further tenders of any Notes may be made pursuant to the Offers. This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully.  If any Noteholder is in any doubt as to the contents of this announcement and/or the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.  The Dealer Managers and the Tender Agent do not accept any responsibility for the accuracy or completeness of the information contained in this announcement or the Tender Offer Memorandum including (without limitation) information concerning the Offeror or its subsidiaries and affiliates or for any failure by the Offeror to disclose events that may have occurred and may affect the significance or accuracy of such information.

 

 


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