Orange launches capped tender offer for €1 billion perpetuals

By Marisa Wong

Los Angeles, April 5 – Orange SA is launching a tender offer to purchase its outstanding €1 billion undated 10-year non-call deeply subordinated fixed-to-reset rate notes with first call date on Feb. 7, 2024 (ISIN: XS1028599287), according to a press release.

The maximum acceptance amount of the tender offer is expected to be equal to the principal amount of new euro-denominated hybrid notes that Orange plans to issue.

The company announced on Wednesday that it intends to issue undated seven-year non-call deeply subordinated fixed-to-reset rate notes.

The tender offer will expire at 11 a.m. ET on April 13, and the results will be announced on April 14.

The purpose of the tender offer and the new notes issuance is, among other things, to proactively manage the company’s hybrid portfolio. The tender offer also gives holders the opportunity to sell their existing notes ahead of the upcoming first call date and to apply for priority in the allocation of the new notes.

The company noted that the aggregate size of its stock of hybrid notes is expected to remain unchanged.

The telecommunications company is based in Paris.

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