Deed of Undertaking concerning hybrid capital security due 3015
Further to DONG Energy’s announcement on 27 October 2015, where DONG Energy communicated that it was looking into possible ways to re-establish the ‘Intermediate’ (50%) equity content of its outstanding EUR 600,000,000 3.0% hybrid capital security due 3015 (ISIN XS1227607402), (the “Capital
Securities”) with Standard & Poor’s, DONG Energy has executed a Deed of Undertaking (the “Deed”).
In the Deed, DONG Energy irrevocable waives the right to call and redeem the Capital Securities in case of a loss in equity content following a hypothetical downgrade in its senior rating to non-investment grade. The Deed is for the benefit of the Trustee and the holders of the Capital Securities. …