Orange accepts tenders for €801.65 million of subordinated perpetuals

By Marisa Wong

Los Angeles, April 14 – Orange SA announced the results of its April 5 tender offer to purchase up to €1 billion of its outstanding €1 billion undated 10-year non-call deeply subordinated fixed-to-reset rate notes with a first call date on Feb. 7, 2024 (ISIN: XS1028599287).

The aggregate principal amount of notes tendered and accepted for purchase is €801,657,000.

The maximum acceptance amount was set equal to the principal amount of new euro-denominated hybrid notes that Orange priced on April 5.

The tender offer expired at 11 a.m. ET on April 13.

After settlement on April 18, there will be €198,343,000 of the notes remaining outstanding.

The telecommunications company is based in Paris.

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