REG - Orsted A/S - Result of Tender Offer <Origin Href="QuoteRef">ORSTED.CO</Origin>

Oersted A/SAnnouncement

23/11/2017 09:15

RNS Number : 3394X
Orsted A/S
23 November 2017
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
RSTED A/S
(formerly known as DONG Energy A/S)
ANNOUNCES INDICATIVE RESULTS OF ITS TENDER OFFERS
23 November 2017
rsted A/S (formerly known as DONG Energy A/S) (the "Offeror") announces today the indicative results of its invitation to holders of its 500,000,000 6.500 per cent. Notes due 7 May 2019 (of which 306,213,000 is currently outstanding) (the "2019 Notes"), its 500,000,000 4.875 per cent. Notes due 16 December 2021 (of which 360,373,000 is currently outstanding) (the "2021 Notes") and its 750,000,000 2.625 per cent. Notes due 19 September 2022 (of which 602,010,000 is currently outstanding) (the "2022 Notes", and together with the 2019 Notes and the 2021 Notes, the "Notes" and each a "Series") to tender such Notes for purchase by the Offeror for cash (each such invitation, an "Offer" and together, the "Offers").
The Offers were announced on 16 November 2017 and were made, subject to satisfaction or waiver of the New Financing Condition and subject to the other terms and conditions contained in the tender offer memorandum dated 16 November 2017 (the "Tender Offer Memorandum") prepared by the Offeror. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
The Expiration Deadline for the Offers was 5.00 p.m. (CET) on 22 November 2017.
As at the Expiration Deadline, 191,220,000 in aggregate principal amount of the Notes had been validly tendered pursuant to the Offers.
Following the Expiration Deadline, the Offeror hereby announces its non-binding indication to accept for purchase the Notes validly tendered pursuant to the Offers, without scaling, as set out below.

Notes
ISIN
Outstanding Principal Amount 
Benchmark
Purchase Spread
Purchase
Yield
Indicative Series Acceptance Amount
Indicative Pro-ration factor
2019 Notes 
XS0426738976
306,213,000
N/A
N/A
-0.35 per cent.
26,012,000
N/A
2021 Notes 
XS0473783891
360,373,000
N/A
N/A
-0.05 per cent.
80,438,000
N/A
2022 Notes 
XS0829114999
602,010,000
Interpolated Mid-Swap Rate
-10 bps
Sum of the Interpolated Mid-Swap Rate and the Purchase Spread
84,770,000
N/A
The Offeror will announce whether it will accept for purchase the Notes validly tendered in the Offers and, if so accepted, the Final Acceptance Amount, the aggregate principal amount of Notes of each Series accepted for purchase (together with the applicable Pro-ration factor (if any)), the Interpolated Mid-Swap Rates in respect of the 2022 Notes, the Purchase Yield in respect of the 2022 Notes, the Purchase Price and Accrued Interest for Notes accepted for purchase as soon as reasonably practicable after pricing of the Offers has been completed.
The final pricing for the Offers is expected to take place at or around 2.00 p.m. (CET) on 23 November 2017.

The Offeror confirms that the New Financing Condition has been satisfied.
Until the Offeror announces the final aggregate principal amount of the Notes of each Series accepted for purchase, no assurance can be given that any Notes validly tendered for purchase pursuant to the Offers will be accepted.
The Settlement Date in respect of any Notes accepted for purchase pursuant to the Offers is expected to be 24 November 2017.
THE DEALER MANAGERS
BNP Paribas
10 Harewood Avenue
London NW1 6AA
United Kingdom
Telephone: +44 (0)20 7595 8668
Attention: Liability Management Group
Email: liability.management@bnpparibas.com
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Telephone: +44 20 7545 8011
Attention: Liability Management Group
Skandinaviska Enskilda Banken AB (publ)
Kungstrdgrdsgatan 8
106 Stockholm
Sweden
Telephone: +46 8 506 232 09
Attention: Liability Management
Email: liabilitymanagement@seb.se

THE TENDER AGENT
Citibank, N.A., London Branch
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Telephone: +44 (0) 207 508 3867
Attention: Exchange Team - Agency & Trust
Email: exchange.gats@citi.com
Liability Management Portal: https://debtxportal.issuerservices.citigroup.com
DISCLAIMER

The offer period for the Offers has now expired. No further tenders of any Notes may be made pursuant to the Offers. This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully. If any Noteholder is in any doubt as to the contents of this announcement and/or the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. The Dealer Managers and the Tender Agent do not accept any responsibility for the accuracy or completeness of the information contained in this announcement or the Tender Offer Memorandum including (without limitation) information concerning the Offeror or its subsidiaries and affiliates or for any failure by the Offeror to disclose events that may have occurred and may affect the significance or accuracy of such information.

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