Orsted to Sell Shares at Steep Discount in $9.4 Billion Raise

Orsted A/S will offer new shares at a heavy discount as the offshore wind developer pushes ahead with a $9.4 billion rights offering to shore up its finances after a bet on the US market went wrong.

The subscription price of 66.6 kroner represents a 67% discount to Orsted’s closing price on Friday and of 39% to the theoretical ex-rights price — the stock’s estimated value after the issue of new shares. The discount is larger than in other recent raises from utilities firms, analysts from Citigroup Inc. wrote in a note on Monday. Still, the market reaction was relatively ...