By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – European Energy A/S priced €100 million of new 10¾% callable subordinated green capital securities due 3023 at par and €75 million additional senior green bonds due Sept. 8, 2026 at 99.5 to be consolidated and form a single series with the company’s existing €75 million floating-rate senior green bonds due 2026 (ISIN: DK0030511613), according to a notice.
The floating-rate bonds bear interest at Euribor plus 575 basis points.
The new issuance was in connection with an any-and-all cash tender offer for the company’s €150 million senior callable subordinated green capital securities due 3020 (ISIN: DK0030470919), which was launched Jan. 13.
Tendering holders of existing notes were eligible to receive priority allocation in the new capital securities.
Danske Bank A/S, DNB Markets and Nordea Bank Abp are the joint arrangers and bookrunners for the new issuance as well as dealer managers and tender agents for the tender offer.
The Soborg, Denmark, company builds solar and wind farms and energy storage facilities.
| Issuer: | European Energy A/S
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| Amount: | €175 million
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| Issue: | Callable subordinated green capital securities and senior green bonds
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| Bookrunners: | Danske Bank A/S, DNB Markets and Nordea Bank Abp
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| Announcement date: | Jan. 19
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| Settlement date: | Jan. 26
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| Capital securities
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| Amount: | €100 million
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| Issue: | Callable subordinated green capital securities
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| Maturity: | Jan. 26, 3023
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| Coupon: | 10¾%
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| Price: | Par
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| Yield: | 10¾%
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| ISIN: | DK0030521927
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| Floating-rate add-on
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| Amount: | €75 million
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| Issue: | Floating-rate senior green bonds
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| Maturity: | Sept. 8, 2026
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| Coupon: | Euribor plus 575 bps
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| Price: | 99.5
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| Call: | Make-whole call, then par call
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| Equity clawback: | Up to 35% at 102
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| Ratings: | Unrated
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| ISIN: | DK0030511613
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| Previous issue: | €75 million priced on Sept. 8
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