European Energy begins tender offer for subordinated green notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 13 – European Energy A/S started an any-and-all cash tender offer for its €150 million senior callable subordinated green capital securities due 3020 (ISIN: DK0030470919), according to a press release.

The company is offering to purchase the notes at par. Accrued interest will also be paid.

In connection with the tender offer, the company is preparing to offer €75 million of new callable subordinated green capital securities due 3023 and new senior green bonds due 2026 to be consolidated and form a single series with the company’s existing €75 million senior green bonds due 2026 (ISIN: DK0030511613).

Tendering holders of existing notes will be eligible to receive priority allocation in the new capital securities.

If the offer is capped and the cap is reached, the company will accept all tenders from noteholders who wish to subscribe to the new subordinated capital securities, to their allocation amount.

Second priority, but not guaranteed, will be for tendering noteholders who subscribe to the green bonds.

The tender offer expires upon book close of the book building process for the new capital securities. The issuer will announce the expiration date as soon as practicable after the book building process for the new capital securities has opened.

Settlement is expected for approximately five days after the expiration date and, if possible, on the same day as settlement for the new capital securities.

Holders must contact any of the dealer managers to receive an application form that includes the details of how to participate in the tender offer.

Tender instructions placed according to the procedure outlined in the form are irrevocable.

The offer is subject to a new financing condition, namely the successful issuance of the new capital securities and new senior bonds and the receipt of the funds sufficient to cover the purchase price plus interest.

Danske Bank A/S (liabilitymanagement@danskebank.dk), DNB Markets (bond.syndicate@dnb.no) and Nordea Bank Abp (nordealiabilitymanagement@nordea.com) are the joint bookrunners for the new issues, and dealer managers and tender agents for the tender offer.

The purpose of the tender offer and the corresponding new issuance is for the issuer to exercise active management of its balance sheet.

The Soborg, Denmark, company builds solar and wind farms and energy storage facilities.

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