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Orange launches tender offer for three series of deeply subordinated notes
Chicago, April 28 – Orange has launched any-and-all offers and a capped tender offer for three series of notes, according to a press release.
The company is offering to buy:
• Any and all of the €118,374,000 outstanding of seven-year non-call deeply subordinated fixed-to-reset rate notes with a first call date on Oct. 1, 2021 (ISIN: XS1115490523);
• Any and all of the £427,102,000 outstanding £650 million eight-year non-call deeply subordinated fixed-to-reset rate notes with a first call date on Feb. 7, 2022 (ISIN: XS1028597315); and
• Up to £135 million of the £560,878,000 outstanding of 8.5-year non-call deeply subordinated fixed-to-reset rate notes with a first call on April 1, 2023 (ISIN: XS1115502988).
Funding for the tender offers will come from a new offering of a euro-denominated hybrid note.
The company aims to proactively manage its hybrid portfolio and is taking advantage of favorable market conditions.
The tender will expire at 11 a.m. ET on May 6 with results announced on May 7.
Orange is a telecommunications company based in Paris.
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