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Orange launches tender offer for fixed-to-reset subordinated notes
Chicago, Nov. 21 – Orange launched an any-and-all tender offer for its issue of £600 million undated 8.5-year non-call deeply subordinated fixed-to-reset rate notes with a current coupon of 5.75% (ISIN: XS1115502988), according to an announcement.
There are £425,878,000 of the notes outstanding.
The first call date is on April 1, 2023.
The company is offering 100.9 for the notes. Interest will also be paid.
The purpose of the tender offer is to proactively manage the company’s hybrid portfolio.
The offer expires at 11 a.m. ET on Nov. 28.
Settlement will be on Nov. 30.
Barclays (eu.lm@barclays.com) and NatWest Markets NV (+33 1 73 24 98 80, liabilitymanagement@natwestmarkets.com) are the dealer managers.
Morrow Sodali Ltd. is the information and tender agent (+44 20 4513 6933, +852 2319 4130, orange@investor.morrowsodali.com, https://projects.morrowsodali.com/orange).
Orange is a telecommunications company based in Paris.
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