By Taylor Fox
New York, Sept. 9 – Orange issued €500 million fixed-rate inaugural sustainability bonds due 2029 on Wednesday to support its social and environmental commitments, according to a news release.
The 0.125% bonds priced with a yield equivalent to mid-swaps plus 45 basis points.
The bonds were five times oversubscribed, the company said.
BBVA, Credit Agricole CIB, Credit Suisse, HSBC, ING and Natixis are bookrunners.
Credit Agricole and ING are global coordinators and structuring advisers.
Orange said the bonds follow the company’s five-year strategic plan called Engage 2025, launched in 2019, stating that its operator model will be reinvented and aligned with two strong commitments: the first toward digital and social inclusion and the second toward the fight against climate change.
Orange intends to allocate 40% of the proceeds into digital and social inclusion projects and 60% of the funds to energy efficiency and circular economy projects.
Orange is a telecommunications company based in Paris.
| Issuer: | Orange
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| Issue: | Fixed-rate sustainability bonds
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| Amount: | €500 million
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| Maturity: | 2029
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| Bookrunners: | BBVA, Credit Agricole CIB, Credit Suisse, HSBC, ING, and Natixis
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| Coupon: | 0.125%
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| Spread: | Mid-swaps plus 45 bps
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| Announcement date: | Sept. 9
|
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