On 20 January 2011 DONG Energy A/S announcedthe results of itsconditional invitation to all holders (subject to regulatory offer restrictions as provided for in the Tender Offer Memorandum) of its outstanding EUR 1.1bn Subordinated Capital Securities due 3005 (ISIN: XS0223249003) to tender any or all (subject to the Maximum Acceptance Amount as provided for in the Tender Offer Memorandum) of their existing bonds for repurchase for cash. DONG Energy announcedthat it had accepted for repurchase an aggregate principal amount of existing bonds equal to EUR 500m with a Scaling Factor of 93.44%.
DONG Energy hereby announces the pricing of the invitation to tender hybrid capital bonds for repurchase. The Repurchase Price payable by the Company for each existing bond validly tendered in the Invitation and accepted for repurchase by DONG Energy will be 102.012 per cent of its principal amount, together with Accrued Interest of 3.210 per cent of the principal amount of each such Existing Bonds.
The following summarises the pricing terms for the Invitation:
Interpolated id-Swap Rate:2.623%
Repurchase Spread:2.35%
Repurchase Yield:4.973%
Repurchase Price:102.012%
Accrued Interest:3.210%
The Settlement Date is expected to be 28 January 2011. Following settlement of the Invitation, it is expected that EUR 600m in principal amount of the Existing Bonds will remain outstanding.
Barclays Capital, Deutsche Bank, J.P. Morgan and Société Générale were acting as Joint Dealer Managers and Danske Bank and Nordea were acting as Co-Dealer Managers for the Invitation. Lucid Issuer Services Limited is acting as Tender Agent. For detailed terms of the invitation, please refer to the Tender Offer Memorandum.
The information provided in this announcement does not change the previous financial guidance for the financial year 2010or the announced expected investment level.
[mappress]
Source: dongenergy, January 21, 2011