DONG Energy gets tenders for €61.3 million 7.75% capital securities

By Jennifer Chiou

New York, July 11 - DONG Energy A/S said it received and accepted tenders for €61.3 million of its 7.75% callable subordinated capital securities due 3010 in the tender offer that followed the exchange offer for the securities.

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. Settlement is slated for July 12.

The company will also pay accrued interest.

Following settlement, €29.1 million of the notes remains outstanding, and DONG Energy said it intends to exercise the ratings event call at 101 plus accrued interest for those securities.

As reported, the offer was 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.

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 of 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.

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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