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Denmarks Oersted buys 191.22 million of three note series in tender
By Susanna Moon
Chicago, Nov. 27 Oersted A/S, formerly DONG Energy A/S, said investors had tendered 191.22 million principal amount of notes in the offer that ended at 11 a.m. ET on Nov. 22.
The issuer was tendering for its 306,213,000 of outstanding 500 million 6.5% notes due May 7, 2019, 360,373,000 of outstanding 500 million 4.875% notes due Dec. 16, 2021 and 602.01 million of outstanding 750 million 2.625% notes due Sept. 19, 2022.
Oersted will accept all of the tendered notes after having satisfied the financing condition, according to a company notice.
The tender breakdown is as follows with pricing set at 8 a.m. ET on Nov. 23:
26,012,000 of 6.5% notes with a purchase price of 109.973 based on a purchase yield of negative 0.35%;
80,438,000 of 4.875% notes with a purchase price of 120.022 based on a purchase yield of negative 0.05%; and
84.77 million 2.625% notes due Sept. 19, 2022 with a purchase price of 112.21 based on a purchase yield of 0.085% using an interpolated mid-swap rate of 0.185% and a purchase spread of minus 10 basis points.
After settlement, there will be left outstanding 280,201,000 of 6.5% notes, 279,935,000 of 4.875% notes and 517.24 million of 2.625% notes.
Settlement was expected to occur on Nov. 24.
The offers began Nov. 16.
The dealer managers are BNP Paribas (+44 (0)20 7595 8668 or liability.management@bnpparibas.com), Deutsche Bank AG, London Branch (+44 20 7545 8011) and Skandinaviska Enskilda Banken AB (publ) (+46 8 506 232 09 or liabilitymanagement@seb.se).
The tender agent is Citibank, NA, London Branch (+44 (0) 207 508 3867, exchange.gats@citi.com or https://debtxportal.issuerservices.citigroup.com).
Orsted is a power company based in Fredericia, Denmark.
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