Orange sets cap for two-series tender offer at €700 million

By Marisa Wong

Los Angeles, March 28 – Orange SA announced the maximum acceptance amount for its 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).

The company will accept up to €700 million total of the notes, according to a Thursday press release.

The company also set a series sub-cap of €550 million for the notes with a 2025 reset date and €150 million for the notes with a 2026 reset date.

The maximum acceptance amount was set equal to the amount of new euro-denominated hybrid notes that Orange will issue under a concurrent offering.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.