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NKT closes tender offer for €150 million hybrid securities
By Mary-Katherine Stinson
Lexington, Ky., Aug. 25 – NKT A/S announced it is closing its offer to purchase for cash up to a maximum amount of its outstanding €150 million 5.375% callable subordinated capital securities due 3018 (ISIN: DK003042766) issued in 2018, according to a press release.
The tender offer will expire on Aug. 25.
The expiration of the tender offer coincides with the close of bookbuilding for its new euro-denominated green hybrid securities. The tender offer and new issuance are also expected to settle on the same date.
Settlement of the tender offer is expected for Sept. 1.
As previously reported, NKT is offering to purchase the hybrid securities at 100.16. The company will also pay accrued interest.
The amount of tendered 3018 securities to be accepted will be capped at the total amount of the new securities.
If the tender amount exceeds the offer cap, the issuer will accept the tendered securities on a pro rata basis.
Holders of the existing securities who participate in the tender offer will be eligible to receive priority in allocation of the new securities.
The company will redeem on Sept. 12 any of the outstanding securities that are not tendered under the tender offer. The issuer had exercised the securities’ early redemption option on Aug. 11, as previously reported.
Danske Bank A/S (+45 3364 8851, liabilitymanagement@danskebank.dk), Nordea Bank Abp (+45 6161 2996, NordeaLiabilityManagement@nordea.com) and Nykredit Bank (+45 2530 7720, liabilitymanagement@nykredit.dk) are dealer managers and tender agents for the tender offer.
Brondby, Denmark-based NKT is an industrial holding company with interests in power cables and wires as well as optical components, lasers and crystal fibers.
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