November 30 (Renewables Now) – Ørsted A/S’ (CPH:ORSTED) EUR-500-million (USD 517.7m) offering of green hybrid capital securities has received high investor interest, with the placement being oversubscribed almost 10 times.
The Danish clean energy group launched the transaction on Tuesday, seeking to refinance the outstanding EUR 350 million of its EUR 700 million of 6.25% hybrid capital securities issued in 2013 and raise funds for new renewable energy investments.
The new green hybrid capital subordinated securities mature on December 8, 3022, with their first interest reset date coming after six years, in 2028. They bear a fixed annual coupon of 5.25% until December 8, 2028.
The issue will be settled on December 8, 2022. The securities are planned to be listed on the official list of the Luxembourg Stock Exchange and the Luxembourg Green Exchange Platform.
Separately, Ørsted has invited holders of its 2013 securities to tender their holdings for purchase by the company, with the offer being conditional on the success of the abovementioned placement. The Danish firm is offering a purchase price of 102% of the securities’ principal amount.
Ørsted has committed to reaching 50 GW of installed renewable energy capacity by 2030.
(EUR 1.0 = USD 1.035)
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