Orange begins tender offer for two undated fixed-to-reset rate notes

By Marisa Wong

Los Angeles, March 27 – Orange SA is launching a tender offer to repurchase its €1 billion outstanding undated six-year non-call deeply subordinated fixed-to-reset rate notes with first reset date on April 15, 2025 (ISIN: FR0013413887) and its €1.25 billion outstanding undated 12-year non-call deeply subordinated fixed-to-reset rate notes with first reset date on Oct. 1, 2026 (ISIN: XS1115498260), according to a Wednesday press release.

Orange will purchase up to a maximum acceptance amount of the existing notes that is expected to be equal to the amount of new euro-denominated hybrid notes that it will issue under a concurrent offering. The company will announce the maximum acceptance amount once it prices the new notes.

The purpose of the tender offer and the planned issuance is, among other things, to proactively manage the company’s hybrid portfolio.

The tender offer also gives qualifying holders the opportunity to sell their existing notes ahead of their respective upcoming first reset dates and to apply for priority in the allocation of the new notes.

The Regulation S tender offer will expire at 11 a.m. ET on April 4, and the results will be announced on April 5.

The telecommunications company is based in Paris.

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