Orsted A/S announces the result of its invitation to holders of its EUR 700,000,000 6.25% Hybrid Securities due 3013 (the “Securities”; ISIN: XS0943370543) to tender such Securities for purchase by Orsted for cash (such invitation, the "Offer").
The Offer was announced on 9 February 2021 and was made subject to the terms and conditions of the Offer, set out in the tender offer memorandum dated 9 February 2021 (the "Tender Offer Memorandum") prepared by Orsted. Capitalized terms used in this announcement and not otherwise defined have the meaning given to them in the Tender Offer Memorandum.
Pursuant to such terms and conditions of the Offer set out in the Tender Offer Memorandum (the “Terms and Conditions”), Orsted has increased the Maximum Purchase Amount from EUR 250,000,000 to EUR 350,022,000.
Following the expiration of the Offer at 5:00 pm (CET) on 16 February 2021, EUR 436,652,000 in aggregate principal amount of the Securities had been validly tendered pursuant to the Offer. It is hereby announced that Orsted has accepted for purchase EUR 350,022,000 in aggregate principal amount of the Securities, subject to a pro ration factor of 80.2%, in each case in accordance with the Terms and Conditions.
The Purchase Price Orsted will pay for the Securities accepted for purchase pursuant to the Offer was determined at or around 1:00 pm (CET) today by reference to the Reference Benchmark Yield and the Purchase Spread (as set out below) in accordance with the Terms and Conditions. The Purchase Price is 114.028% of their principal amount, and Orsted will also pay an Accrued Interest Payment in respect of such Securities accepted for purchase pursuant to the Offer.
Description: EUR 700,000,000 6.25% Hybrid Capital Securities due 26 June 3013:
ISIN: XS0943370543
Reference Benchmark Yield: -0.494%
Purchase Spread: 75 bps
Purchase Yield: 0.256%
Purchase Price: 114.028%
Final accepted aggregated principal amount: EUR 350,022,000
Accrued Interest: EUR 40.58 per EUR 1,000
Principal amount outstanding after Settlement Date: EUR 349,978,000
The applicable Purchase Price together with Accrued Interest will be paid to holders whose Securities have been accepted for purchase by Orsted. Settlement is expected to occur on 18 February 2021.
