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Tender Offer for Hybrid Securities – final results

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 US PERSON (AS DEFINED IN REGULATIONS UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR THE TENDER OFFER MEMORANDUM (AS DEFINED BELOW).

Ørsted A/S ("Ørsted") announces today 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 Ørsted 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 Ørsted. 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"), Ørsted 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 Ørsted 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 Ørsted 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 Ørsted 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 Ørsted. Settlement is expected to occur on 18 February 2021.

The information in this announcement does not change Ørsted’s financial guidance for the financial year 2021 or the announced expected investment level for 2021.

For further information please contact:

Ørsted Investor Relations
Allan Bødskov Andersen
+45 99 55 79 96
alban@orsted.dk

Ørsted Media Relations
Tom Christiansen
+45 99 55 60 17
tomlc@orsted.dk

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,179 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter. 

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