May 10 (Renewables Now) - Danish energy company Ørsted A/S (CPH:ORSTED) yesterday said it has completed the pricing of its latest unsecured green senior bonds issuance, amounting to GBP 900 million (USD 1.17bn/EUR 1.05bn).
The proceeds will go for offshore wind investments as part of Ørsted’s 2025 green growth target, among which is the 1,386-MW Hornsea 2 wind project in the UK.
The green bonds will be issued in three tranches, two with a fixed-rate coupon and one inflation-linked tranche (CPI) with maturity in 2034. The table contains details of the tranches, all of which have settlement on May 16, 2019.
|Details||Tranche 1||Tranche 2||Tranche 3|
|Nominal amount (GBP million)||350||300||250|
|Maturity date||May 17, 2027||May 16, 2033||May 16, 2034|
|Index||N/A||N/A||UK Consumer Price Index (for all items) published by the Office for National Statistics (CPI)|
|Coupon||2.125% (fixed until maturity)||2.5% (fixed until maturity)||0.375%|
|Price (in % of nominal amount)||99.551%||98.563%||99.927%|
|Orderbook||> 3.3x oversubscribed||> 1.6x oversubscribed||> 1.2x oversubscribed|
The Danish firm has hired Barclays Bank PLC, Goldman Sachs International, Morgan Stanley & Co International PLC and NatWest Market PLC as joint lead managers on the issuance. All bonds will be listed on the Luxembourg Stock Exchange.