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Ørsted to issue €500m green hybrid capital securities

By: Tom Russell 29/11/2022 Ørsted

Corporate General

Ørsted A/S (Ørsted) announced its intention to issue €500 million of subordinated green hybrid capital securities. The proceeds are to be allocated to investments into renewable energy projects.

The purpose of the new issue is to refinance the outstanding EUR 349,978,000 of Ørsted’s 6.25 % hybrid capital securities issued in 2013, which is callable at par on the first interest reset date, 26 June 2023, and to proactively manage Ørsted’s hybrid capital portfolio. Ørsted is also inviting holders of these securities to tender their holdings for purchase by Ørsted – see separate company announcement relating to the Tender Offer.

Proceeds from the issuance will be allocated to investments into renewable energy projects in accordance with Ørsted’s green finance framework, which has a second opinion with a Dark Green shading from Cicero

Ørsted is rated Baa1, stable outlook, by Moody’s, BBB+, stable outlook, by Standard & Poor’s, and BBB+, stable outlook, by Fitch. Ørsted’s new green hybrid capital securities are expected to receive the rating of Baa3 by Moody’s, BB+ by Standard and Poor’s, and BBB- by Fitch.

On this transaction, BNP Paribas, Deutsche Bank, Morgan Stanley and MUFG will act as Joint Lead Managers.

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Ørsted to issue €500m green hybrid capital securities

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