November 17 (Renewables Now) - Danish offshore wind developer Ørsted A/S (CPH:ORSTED), formerly known as Dong Energy, is issuing EUR 500 million (USD 589m) in green hybrid capital securities and EUR 750 million in green senior bonds.
The settlement date for both issues, which have been heavily oversubscribed, is November 24, the company said Thursday.
The issuances will help extend the duration of Ørsted’s senior debt maturity profile and will allow it to refinance EUR 500 million in 4.875% hybrid capital securities issued in 2013. Earlier on Thursday the company said its new Green Bond Framework has received a second opinion with "a Dark Green shading" from CICERO.
Details on the issuances are available in the table.
|Details||green hybrid security||green senior bond|
|Nominal amount||EUR 500 million||EUR 750 million|
|Maturity date||November 24, 3017||November 26, 2029|
|Coupon||2.25% - fixed till 1st par call date Nov 24, 2024||1.5% - fixed until maturity|
|Price||99.203% of nominal amount||98.840% of nominal amount|
|Oversubscribed||more than 5x||more than 2.3x|
|Listing||Luxembourg Stock Exchange (official list) and inscribe on the Luxembourg Green Exchange Platform (LGX)||London Stock Exchange|
Ørsted noted that these transaction do not change its financial guidance for 2017 or the announced expected investment level for the year.
(EUR 1 = USD 1.18)