Denmark’s DFDS gets tenders for NOK 535 million of floaters due 2018

By Susanna Moon

Chicago, Sept. 22 – DFDS said holders had tendered NOK 535 million of its NOK 700 million floating-rate notes due March 21, 2018 in the offer that ended at 6 a.m. ET on Sept. 21.

DFDS will accept for purchase all of the tendered notes with settlement on Sept. 28, according to a company notice.

The company began tendering for the notes on Sept. 12 at a purchase price of 101.5% for each NOK 1 million principal amount plus accrued interest to but excluding the settlement date.

The company previously said it was considering the issue of new five-year bonds for refinancing purposes.

The tender offer had a financing condition and was to be capped at the issue amount of the new bonds, according to a previous announcement.

The tender is “being made as part of the issuer's commitment to actively manage its financing, including management of upcoming redemptions, lengthening and diversification of the debt maturity profile, and, in addition, to allow current holders to roll their current position into the new bonds,” according to a the previous release.

“As part of the continuous pursuit of improving the financing cost of DFDS, a new bond issue is being explored to refinance existing bonds and extend debt maturity,” the company said.

The joint bookrunners and dealer managers are Danske Bank A/S (liabilitymanagement@danskebank.dk), Nordea Bank AB (publ) (nordealiabilitymanagement@nordea.com) and Nykredit A/S (dcm.legal@nykredit.dk).

DFDS is a shipping and logistics company based in Copenhagen, Denmark.

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