Ørsted A/S (vormals: DONG ENERGY) EO-FLR SECS (Hybridanleihen)

[Fredegar]

Announcement of financial results for 2012

 

Für Bondholder:

 

1. Kupons werden bezahlt;

2. DONG beabsichtigt, den Bond 2021 ("First Call Date") zu kündigen. (Bis dahin ist aber noch viel Zeit....)

[Stift]

Jyske belässt es bei BUY

[Fleisch]

...soviel zum Thema Buy der Dong Anleihen

 

KLICK

[Fleisch]

denn wir wissen nicht was Jyske tut

 

http://jyskebank.com/wps/wcm/connect/ecb493c7-753d-4025-8896-ebd3862d9d4d/270213f%C3%B8rstekommentarKORT.DE.pdf?MOD=AJPERES&CACHEID=ecb493c7-753d-4025-8896-ebd3862d9d4d

 

Man achte auf die Empfehlung^^

[wm2007]

...soviel zum Thema Buy der Dong Anleihen

 

KLICK

 

Lt. Börse Stuttgart soll der 1. call zum 1.6.21 möglich sein. Wenn Jysekebank jetzt zum Verkauf rät, müßte dieses Datum doch falsch sein. Weiß jemand, wann frühestens gekündigt werden kann?

[vanity]

Das ist der reguläre erste Call. In den Bedingungen (in Beiträgen #22 resp. #24 verlinkt) ist aber noch die vorzeitige Kündigung (Suchbegriff: Early Redemption) unter gewissen Umständen (Redemption for Tax Event, Accounting Event or Ratings Event) vorgesehen, die dann zu 101% erfolgen würde. Im Jyske-Artikel geht es um das Rating Event.

[Fleisch]

heute wieder ein "Nachtrag"

In einer selbständigen Mitteilung von heute Morgen haben wir unsere Empfehlung für die EUR 7,75 % 3010-Anleihe von „Kaufen“ auf „Verkaufen“ geändert, während wir für die EUR 5,5 % 3005-Anleihe an unserer „Kaufen“-Empfehlung festhalten. Es ist nicht auszuschließen, dass die 3010-Anleihe vorzeitig zum Kurs 101eingelöst wird, und wir empfehlen den Anlegern, dieses Risiko nicht einzugehen.

 

den Link kann ich leider nicht öffnen

 

http://jyskebank.com/wps/portal/jbpb_COM/mailservice?WCM_GLOBAL_CONTEXT=/wps/wcm/connect/JyskeMarkets/CorporateBonds/Company/DongEnergy/ShortAnalyzis/2b9338a9-bdf2-42d1-ba36-7bd916e567ec

[ceekay74]

den Link kann ich leider nicht öffnen

Bitteschön:

 

regnskabsanalyse2012KORT_DE.pdf

[wm2007]

Das ist der reguläre erste Call. In den Bedingungen (in Beiträgen #22 resp. #24 verlinkt) ist aber noch die vorzeitige Kündigung (Suchbegriff: Early Redemption) unter gewissen Umständen (Redemption for Tax Event, Accounting Event or Ratings Event) vorgesehen, die dann zu 101% erfolgen würde. Im Jyske-Artikel geht es um das Rating Event.

 

 

Danke Vanity für die präzise Information. Gebe zu, die Bedingungen nicht vollständig gelesen zu haben.

[Fleisch]

hat euch die Diba eigentlich auch angerufen und um Erlaubnis gefragt nicht beim Kauf eingezogene Stückzinsen jetzt nachträglich einziehen zu dürfen ? Wie habt ihr euch positioniert ?

[Stift]

Mittlerweile ist das Papier im Brief auf 109 gefallen:

 

DONG Energy A/S

Company Announcement

 

Revised hybrid criteria announced by Standard & Poor’s

DONG Energy has noted that Standard & Poor’s today has published revised global rating criteria for hybrid capital instruments. DONG Energy will engage in a dialogue with Standard & Poor’s to understand the impact the revised criteria may have on DONG Energy’s outstanding EUR 700,000,000 7.75% hybrid capital security due 3010 (ISIN XS0560190901).

 

When this understanding has been gained, DONG Energy will communicate the potential impact the revised global criteria could have on the abovementioned security.

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level.

 

For further information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662

 

Investor Relations

Allan Bødskov Andersen

+45 9955 9769

 

[Stift]

Entscheidung für Ende Q2 angekündigt:

 

 

DONG Energy A/S

Company Announcement

 

Additional information from Standard & Poor’s on revised hybrid criteria

Yesterday, S&P published additional information on its global hybrid criteria and also commented on the treatment of DONG Energy’s outstanding EUR 700,000,000 7.75% hybrid capital security due 3010 (ISIN XS0560190901).

 

S&P commented that the abovementioned hybrid capital security under S&P's revised hybrid criteria will likely only qualify for ‘minimal’ (0%) equity content from the ‘high’ (100%) equity content, which was assigned before.

 

DONG Energy regrets S&P's decision to abandon their policy of grandfathering existing structures, and retrospectively changing the treatment of DONG Energy's 3010 hybrid bond. Not least considering the fact that the hybrid bond as late as in 2011 was carefully structured to comply with S&P's then prevailing criteria, and that S&P's rating committee (in connection with DONG Energy's downgrade to BBB+) less than six month ago endorsed the ‘high’ equity content of the security.

 

With 'minimal' equity content, the hybrid security becomes cost-inefficient for DONG Energy. Thus, as a consequence of S&P's unexpected and unfortunate decision, DONG Energy will investigate the possibility of amending the instrument's terms and conditions, such that the instrument can remain in the market with 'high' equity content. As this inquiry involves a process with S&P and the Danish tax authorities, a final clarification will take some time. DONG Energy expects that this clarification can be reached before the end of the second quarter in 2013.

 

DONG Energy will revert to the market once a clarification has been reached.

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

 

 

For further information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662

 

Investor Relations

Allan Bødskov Andersen

+45 9955 9769

 

[AlbertEinstein]

With 'minimal' equity content, the hybrid security becomes cost-inefficient for DONG Energy. Thus, as a consequence of S&P's unexpected and unfortunate decision, DONG Energy will investigate the possibility of amending the instrument's terms and conditions, such that the instrument can remain in the market with 'high' equity content.

 

Manche Anleihen haben ja entsprechende Klauseln die eine Änderung der Anleihebedingungen zulassen falls Eigenkapitalanforderungen nicht mehr erfüllt werden. Oft ist da jedoch nur von "non material changes" (oder so ähnlich) die Rede. Ich hätte eigentlich vermutet eine solche klausel bei der Dong Anleihe zu finden, entsprechend spannend wäre es gewesen zu sehen was denn nun genau darunter möglich ist. Habe in den Anleihenbedingungen aber nichts gefunden. Das kann eigentlich nur bedeuten das Dong einen "freiwilligen" Umtausch in neue Hybride anbieten wird, und die nicht getauschten Anleihen dann called (möglich zu 101%). Oder hab ich was übersehen?

[Stift]

With 'minimal' equity content, the hybrid security becomes cost-inefficient for DONG Energy. Thus, as a consequence of S&P's unexpected and unfortunate decision, DONG Energy will investigate the possibility of amending the instrument's terms and conditions, such that the instrument can remain in the market with 'high' equity content.

 

Manche Anleihen haben ja entsprechende Klauseln die eine Änderung der Anleihebedingungen zulassen falls Eigenkapitalanforderungen nicht mehr erfüllt werden. Oft ist da jedoch nur von "non material changes" (oder so ähnlich) die Rede. Ich hätte eigentlich vermutet eine solche klausel bei der Dong Anleihe zu finden, entsprechend spannend wäre es gewesen zu sehen was denn nun genau darunter möglich ist. Habe in den Anleihenbedingungen aber nichts gefunden. Das kann eigentlich nur bedeuten das Dong einen "freiwilligen" Umtausch in neue Hybride anbieten wird, und die nicht getauschten Anleihen dann called (möglich zu 101%). Oder hab ich was übersehen?

 

siehe Post #31:

Es gibt ein Rating Event in den Bedingungen, die eine vorzeitige Rückzahlung zu 101(?) erlauben, deshalb ist M.E. der Kurs unter Druck.

Aktuell also eine Wette, ob Dong kündigt, oder die Bedingungen anpasst.

 

Oder hab' ich dich einfach nicht verstanden, AlbertEinstein?

 

Änderung wegen Selbstzweifel...

[AlbertEinstein]

Manche Anleihen haben ja entsprechende Klauseln die eine Änderung der Anleihebedingungen zulassen falls Eigenkapitalanforderungen nicht mehr erfüllt werden. [...] Habe in den Anleihenbedingungen aber nichts gefunden. Das kann eigentlich nur bedeuten das Dong einen "freiwilligen" Umtausch in neue Hybride anbieten wird, und die nicht getauschten Anleihen dann called (möglich zu 101%).

Aktuell also eine Wette, ob Dong kündigt, oder die Bedingungen anpasst.

Oder hab' ich dich einfach nicht verstanden, AlbertEinstein?

 

Ich denke die Anleihebedingungen lassen keine Änderungen der Konditionen zu, somit bleibt wohl nur die Kündigung zu 101% (+möglicherweise ein freiwilliges Umtauschangebot).

[Stift]

DONG Energy A/S

Quarterly report

 

Interim financial report - Q1 2013 - Satisfactory start to the year

The Board of Directors of DONG Energy has today approved the interim financial report for the first quarter of 2013 with the following financial highlights and outlook compared with the first quarter of 2012:

 

• First-quarter 2013 EBITDA was DKK 4.6 billion, up from DKK 3.6 billion in the first quarter of 2012, primarily reflecting higher earnings from the wind activities, higher oil production and lower costs
• Profit after tax was DKK 0.5 billion, down DKK 1.8 billion on the first quarter of 2012, which included a gain on disposal of DKK 2.0 billion after tax, primarily relating to Oil Terminals
• Operating cash inflow increased to DKK 2.2 billion from DKK 1.0 billion in the first quarter of 2012, primarily reflecting a decrease in funds tied up in working capital and the higher EBITDA
• First-quarter 2013 net investments were DKK 5.2 billion against DKK 2.0 billion in the same period last year, which included divestments totalling DKK 2.8 billion. Investments related mainly to the development of wind activities and gas and oil fields
• Interest-bearing net debt increased by DKK 2.6 billion from the end of 2012 to DKK 34.5 billion

CEO Henrik Poulsen:

 

“Our financial performance for the first three months of the year developed satisfactorily and all five business units performed in line with our expectations. First-quarter earnings (EBITDA) were 30% ahead of 2012, driven by new offshore wind farms, higher oil production and lower costs. Implementation of the strategy and financial action plan we presented together with our annual report back in February is progressing as planned. This includes the work on developing our growth businesses, divesting non-core activities, restructuring the loss-making gas activities, cutting costs and raising new equity. For these reasons, we are reaffirming our previously announced outlook for 2013-14.

 

Following a challenging 2012, the first quarter was a first step in the right direction. But we still have a long way to go in our efforts to enhance DONG Energy’s capital structure and secure the platform for our growth ambitions."

 

 

Outlook

The outlook in the 2012 annual report is reaffirmed:

 

• Business performance EBITDA for 2013 is expected to amount to
  DKK 11.5-12.5 billion
• Net investments for 2013 and 2014 are expected to amount to
  DKK 25-30 billion
• The ratio adjusted net debt / EBITDA is expected to be reduced to around 2.5 by the end of 2014

In connection with the presentation of the interim financial report a conference call for investors and analysts will be held on 23 April 2013 at 10.00am CET:

Denmark: +45 3272 8018

International: +44 145 255 5131

 

 

The conference call can be followed live at the following address: : http://www.dongenergy.com/en/investor/presentations/pages/webcasts.aspx

 

 

Presentation slides will be available prior to the conference call at the following address:

http://www.dongenerg...sentations.aspx

 

 

The interim financial report can be downloaded at:

http://www.dongenerg...rimreports.aspx

 

 

For additional information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662

 

Investor Relations

Allan Bødskov Andersen

+45 9955 9769

 

[ceekay74]

23.05.2013

 

DONG Energy signs new credit facilities　

 

DONG Energy A/S has signed five bilateral credit facilities for a total net amount of EUR 680m (DKK 5.1bn). The maturity for all facilities is five years. The new facilities further strengthens DONG Energy’s already solid liquidity reserve.

 

The new credit facilities have been arranged with five Nordic banks.

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

[ceekay74]

 

Update on DONG Energy A/S' 3010 hybrid securities

 

On 2 April 2013, S&P published additional information on its updated global hybrid criteria and stated that DONG Energy A/S' ("DONG Energy") EUR 700,000,000 7.75% Callable Subordinated Capital Securities due 3010 (ISIN XS0560190901) (the "Securities") will likely only qualify for ‘minimal’ equity content (0 per cent) compared to the ‘high’ equity content (100 per cent) attributable to the Securities immediately prior to such change in criteria.

 

On 4 April 2013, DONG Energy announced that it would investigate the possibility of amending the terms and conditions of the Securities, such that the Securities would continue to qualify for ‘high equity content’ under S&P’s amended criteria.

 

DONG Energy has now reached the conclusion that an amendment would not provide DONG Energy with similar benefits in respect of post-tax costs of funds and a stable and predictable contribution to its capital structure as was the case for the Securities prior to S&P’s change in hybrid criteria.

 

DONG Energy therefore hereby announces that it will today be launching an exchange offer (the "Exchange Offer") pursuant to which the holders of the Securities are invited to offer to exchange their holdings of the Securities for new hybrid securities with a structure in line with the prevailing market standard. The new hybrid securities will have a first call date in June 2023 ("NC10 New Securities") and are expected to receive 50% equity content from S&P, Moody’s and Fitch. The aggregate nominal amount of the NC10 New Securities is expected to be at least EUR 500,000,000 (benchmark size) and in that respect DONG Energy reserves the right to issue additional securities of the same series as the NC10 New Securities ("Additional Securities") to reach such benchmark size or for any other reason.

 

An announcement of the minimum new issue spread for the NC10 New Securities will be made on 13 June 2013. The exchange price offered in the Exchange Offer will be 104% of par. This means that an investor will be offered a nominal amount of EUR 1,040 in the NC10 New Securities divided by the new issue price of the NC10 New Securities (which will be as close as possible to but not above par) for each EUR 1,000 nominal amount of the Securities handed into the Exchange (as further described in the exchange offer prospectus (the "Exchange Offer Prospectus")). Current holders of the Securities are advised to read the Exchange Offer Prospectus, for full details of the Exchange Offer.

 

The Exchange Offer opens today on publication of the Exchange Offer Prospectus and will close on 18 June 2013 and is subject to the terms and conditions set out in the Exchange Offer Prospectus. Further details on the Exchange Offer can be found in the launch announcement of the Exchange Offer and the Exchange Offer Prospectus, which will be made available (subject to the applicable offer and distribution restrictions) via the following link: http://www.dongenergy.com/en/3010hybridcapital.

 

The Exchange Offer Prospectus and the prospectus for the Additional Securities will be available to qualified investors (as defined in the Prospectus Directive) once it has been approved by the Commission de Surveillance du Secteur Financier (the financial regulator in Luxembourg), which is expected to happen later today, and to retail investors in certain specific jurisdictions only once it lawfully may be distributed to retail investors in the relevant offer jurisdictions.

 

Following the expiration of the Exchange Offer, DONG Energy may decide to raise additional hybrid capital in a separate series.

 

After the expiration of the Exchange Offer, DONG Energy intends on 20 June 2013 to launch a subsequent cash tender offer which will end on 10 July 2013 (the "Tender Offer"). This Tender Offer will be open to all Eligible Retail Securityholders in which DONG Energy will pay a cash purchase price of EUR 1,040 for each EUR 1,000 in nominal amount of the Securities. An "Eligible Retail Securityholder" means a holder of the Securities who (i) submits no more than €250,000 in aggregate nominal amount of the Securities for purchase by DONG Energy for cash; and (ii) is located outside of the United States.

 

Further details on the Tender Offer will be set out in a tender offer memorandum and a tender offer launch announcement, should DONG Energy decide to launch the Tender Offer, which will be made available (subject to the applicable offer and distribution restrictions) via the following link: http://www.dongenergy.com/en/3010hybridcapital.

 

When considering whether or not to participate in the Exchange Offer, the holders of the Securities are advised to take into consideration that DONG Energy believes that it will be in a position to exercise the Ratings Event Call at 101% of the principal amount of the Securities, plus accrued interest, under Condition 6(e) of the Securities at any time after S&P formally announces that the attributable equity content for the Securities has been decreased compared to the attributable equity content for the Securities immediately prior to the change to its criteria as announced by S&P on 1 April 2013 and in line with the additional information on its global hybrid criteria published by S&P on 2 April 2013. DONG Energy intends to exercise the Ratings Event Call at 101% of par post-completion of the Exchange Offer and the Tender Offer.

 

"We are dissatisfied with the recent decisions by S&P, and do not believe the costs inflicted on DONG Energy and our investors by these decisions are justified in the situation at hand. With the exchange and tender offer and the decision to partly compensate our investors, we have strived to find a balance between DONG Energy’s formal rights under the terms and conditions of the instrument, and the interest of our investors. Maintaining good investor relations is of utmost importance to DONG Energy", says Carsten Krogsgaard Thomsen, CFO of DONG Energy.

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

 

 

For further information, please contact:

 

 

 

Media Relations

 

Karsten Anker Petersen

 

+45 9955 9662

 

Investor Relations

 

Allan Bødskov Andersen

 

+45 9955 9769

 

 

[Marius]

http://jyskebank.com/wps/wcm/connect/f1e2c80f-80db-47b2-a9ba-d532e7753e28/Kommentar100613K_DE.pdf?MOD=AJPERES&CACHEID=f1e2c80f-80db-47b2-a9ba-d532e7753e28

[Stift]

DONG Energy A/S

Company Announcement

 

Announcement of Minimum New Issue Spread for the NC10 New Securities

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, ITALY OR JAPAN AS FURTHER SET OUT BELOW UNDER THE SECTION HEADED “OFFER AND DISTRIBUTION RESTRICTIONS”

 

THIS COMPANY ANNOUNCEMENT AND THE RELATED MATERIALS DO NOT CONSTITUTE OR FORM A PART OF ANY OFFER OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES

 

 

 

In relation to the exchange offer (the “Exchange Offer”) launched on 10 June for DONG Energy A/S' (“DONG Energy”) EUR 700,000,000 7.75% Callable Subordinated Capital Securities due 3010 (ISIN XS0560190901) (the “Existing Securities”), DONG Energy hereby announces the Minimum New Issue Spread for the New NC10 Securities with first call date in June 2023 ("NC10 New Securities").

 

The Minimum New Issue Spread over the 10 Year Euro Mid-Swap Rate is 450 basis points. The 10 Year Euro Mid-Swap Rate will be determined on 19 June 2013 upon issuance of the NC10 New Securities.

 

The Exchange Offer is made on the terms and subject to the conditions set out in the exchange offer prospectus dated 10 June 2013 (the “Exchange Offer

 

Prospectus”) and will expire at 17:00 CET on 18 June 2013 (subject to the right of DONG Energy to extend, re-open, amend and/or terminate the Exchange Offer).

 

Further information about the Exchange Offer and the Minimum New Issue Spread can be found in the Exchange Offer Prospectus and the Minimum New Issue Spread Notice via:

 

http://www.dongenerg...10hybridcapital

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

For further information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662

 

 

Ergibt wohl einen Kupon von 6,35%...

[Stift]

Ergibt wohl einen Kupon von 6,35%...

 

Jyske meint 6,25% und hat sicher recht

 

Dong Energy Fair exchange offer We recommend investors to accept DONG's exchange offer, which is fairly priced DONG just announced that the new bond will be priced at a minimum spread of 450 basis points over the 10 year Euro Mid Swap Rate. This spread corresponds to an expected coupon of 6.25%. A coupon of 6.25% is in line with the yield at which the 3010 bond was traded down before the announcement of the exchange offer. The final pricing will take place on Wednesday 19 June 2013.

 

The new bond As is the case with the old bond, the new bond will be a hybrid with a formal maturity of 1000 (one thousand) years. The equity content will be 50% until first "call date" in 2023, and the issue will receive a BB+ rating with S&P, BBB-with Moody's and Baa3 with Fitch. As the bond will lose its equity content with S&P in 2023, is it most likely that DONG at that point will redeem at 100. Where the former issue had forced a postponement of the interest payment under certain conditions, the new bond rather involves an opportunity of postponing the interest payment. As is the case with the former bond, the new bond has a "rating event" covenant that can be activated if the rating agencies change the equity content. As the rating agencies have just confirmed an equity content of 50%, we do not expect this to materialise.

 

DONG is still an attractive exposure We are confident that the scheduled capital increase will be implemented before the end of 2013, so the current BBB+ company rating can be maintained. We are confident that DONG will successfully implement the planned sale of assets in the amount of DKK 10bn and that the focusing of the business will result in continued profitability improvement. The cash flow over the next years will improve as major offshore wind farms (London Array, Anholt og Lincs) are put into operation and the production from Syd Arne 3 is expected to begin.

[Rider]

Die 10-jährigen Midswaps liegen bei 1,862%

Daher dürfte der endgültige Zinssatz eher bei 6,35 liegen.

http://www.bondboard.de/main/pages/index/p/55

[vanity]

Bei 6,35% wird der Zinssatz bestimmt nicht liegen, weil

 

(with regards to joe aus dem BB)

... The determination of the New Issue Price and the New Issue Interest Rate will first involve the determination of the Euro Mid - Swap Rate by the Dealer Managers at the Pricing Time.

The Final New Issue Spread will be added to such Euro Mid - Swap Rate to determine the New Issue Yield, which is intended to reflect the yield to maturity of the New Securities on the Settlement Date, from which the New Issue Price and the New Issue Interest Rate will be calculated in acco rdance with market convention.

The New Issue Price shall be as close as possible to but below 100 per cent. of the principal am ount of the New Securities, adjusted to allow for rounding down of the New Securities Coupon to the nearest 0.125 per cent. in ac cordance with market convention.

er auf Achtel gerundet wird. Da der Emissionspreis unter 100% sein wird, ist 6,25% bei jetzigem Midswap wahrscheinlicher. Sollte CMS10 noch über 1,875% steigen, wären es dann 6,375%.

 

Ist aber im Prinzip egal, weil der Ausgleich über den Emissionspreis (und damit das Umtauschverhältnis) erfolgt.

[Fredegar]

Company announcement 13 June 2013

 

The Minimum New Issue Spread over the 10 Year Euro Mid-Swap Rate is 450 basis points. The 10 Year Euro Mid-Swap Rate will be determined on 19 June 2013 upon issuance of the NC10 New Securities.

 

CMS10 ca 1,86% . Also 6,36 % (1,86% + 4,5).

[Stift]

610 von 700 Mio des alten Hybrids wird Dong umtauschen und den neuen Hybrid von 633 auf 700 Mio aufstocken.

 

DONG Energy A/S

Company Announcement

 

Announcement of Indicative Exchange Offer results

...

 

In relation to the invitation by DONG Energy A/S (“DONG Energy”) to the holders of its EUR 700,000,000 7.75% Callable Subordinated Capital Securities due 3010 (ISIN XS0560190901) (the “Securities”) launched on 10 June 2013 (the "Exchange Offer"), whereby holders of the Securities were invited to offer to exchange their holdings of the Securities for new hybrid securities with first call date in June 2023 (the “NC10 New Securities”), DONG Energy hereby announces the indicative results of the Exchange Offer. At the expiration of the Exchange Offer at 5pm CET on 18 June 2013, the aggregate nominal amount of Securities validly offered for exchange amounted to around EUR 610 million.

 

DONG Energy expects to accept the full aggregate nominal amount validly offered for exchange. Consequently due to the exchange price of 104% of par, EUR 633 million in aggregate nominal amount of the NC10 New Securities is expected to be issued by DONG Energy in exchange for the Securities (assuming an illustrative issue price of the NC10 New Securities of par).

 

Pricing of the NC10 New Securities is expected to take place later today. Announcement of exchange offer results including pricing is expected to be announced as soon as possible after the pricing.

 

Further information about the Exchange Offer can be found in the Exchange Offer Prospectus and the Launch Notice for Indicative Results via:

http://www.dongenergy.com/en/3010hybridcapital

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

 

For further information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662

 

 

DONG Energy A/S

Company Announcement

 

Intention to issue Additional NC10 New Securities

... In relation to the exchange offer (the “Exchange Offer”) launched on 10 June for DONG Energy A/S' (“DONG Energy”) EUR 700,000,000 7.75% Callable Subordinated Capital Securities due 3010 (ISIN XS0560190901) (the “Securities”), DONG Energy hereby announces its intention to issue approximately EUR 67 million of NC10 New Securities with first call date in June 2023 ("Additional NC10 New Securities").

 

This amount will be in addition to the approximately EUR 633 million of NC10 New Securities to be issued in exchange (assuming an illustrative issue price of the NC10 New Securities of par) for the approximately EUR 610m of the Securities validly offered for exchange. Combining these amounts, DONG Energy intends to issue around EUR 700 million of NC10 New Securities.

 

The orderbook for the Additional NC10 New Securities is expected to close early this morning. The Final spread and 10 Year Euro Mid-Swap Rate is expected to be determined later today. The Minimum New Issue Spread over the 10 Year Euro Mid-Swap Rate is 450 basis points, as announced on 13 June 2013.

 

Further information about the Exchange Offer and the NC10 New Securities can be found in the Exchange Offer Prospectus and the NC10 New Securities Prospectus via: http://www.dongenergy.com/en/3010hybridcapital

 

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected investment level for 2013-2014.

 

 

For further information, please contact:

 

Media Relations

Karsten Anker Petersen

+45 9955 9662