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Orange gives results of two-series subordinated tender offer
By Mary-Katherine Stinson
Lexington, Ky., April 5 Orange SA announced the results of its tender offer to repurchase up to 700 million total of the outstanding undated non-call deeply subordinated fixed-to-reset rate notes from two series, according to a press release.
Orange received tenders of 647.4 million of its 1 billion of outstanding undated six-year non-call deeply subordinated fixed-to-reset rate notes with first reset date on April 15, 2025 (ISIN: FR0013413887). The company will accept 549.7 million of the tendered notes for purchase at 98.6.
Additionally, 444,619,000 of the 1.25 billion outstanding undated 12-year non-call deeply subordinated fixed-to-reset rate notes with a first reset date on Oct. 1, 2026 (ISIN: XS1115498260) were tendered. Orange will accept 150 million of the notes for purchase at 102.418.
After settlement, 450.3 million of the 2025 notes and 1.1 billion of the 2026 notes will remain outstanding.
The company had previously set series sub-caps at 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 was, among other things, to proactively manage the companys hybrid portfolio.
The tender offer also gave 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 expired at 11 a.m. ET on April 4.
Settlement is expected to occur on April 10.
The telecommunications company is based in Paris.
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