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Orange begins tender offer for 3.625% euro notes, 5% sterling notes
By Marisa Wong
Madison, Wis., Sept. 22 – Orange SA launched a cash tender offer on Monday for its outstanding €1.15 billion 3.625% notes due October 2015 and £750 million 5% notes due May 2016.
The company is inviting noteholders to tender any and all of their notes for purchase, according to a company announcement.
The tender offer will expire on Sept. 30 and is expected to settle on Oct. 3.
Pricing for the euro notes will be based on the October 2015 interpolated mid-swap rate minus 10 basis points, and pricing for the sterling notes will be based on the 4% U.K. Treasury gilt due Sept. 7, 2016 plus a spread of 45 bps. Pricing will be set on Oct. 1.
The company will also pay accrued interest to but excluding the settlement date.
The company said the purpose of the tender offer is to use its high liquidity position to reduce upcoming redemptions of the 3.625% and 5% notes.
BofA Merrill Lynch (attn: John Cavanagh, +44 20 7995 3715, john.m.cavanagh@baml.com; Kulwant Bhatti, +44 20 7995 2929, kulwant.bhatti@baml.com) is the global coordinator and dealer manager for the tender offer.
For the euro notes, Societe Generale (attn: liability management, +44 20 7676 7579, liability.management@sgcib.com) is the dealer manager, and BNP Paribas Securities Services (attn: CTS Debt France, +33 1 55 77 61 60, fax +33 1 57 43 31 38, paris.bp2s.ost.ope.tcinbox@bnpparibas.com) is the tender and information agent.
For the sterling notes, HSBC Bank plc (attn: liability management, +44 (0) 207 992 6237, liability.management@hsbcib.com) is the dealer manager, and BNP Paribas Securities Services, Luxembourg Branch (attn: corporate trust services, +352 2696 62301, fax +352 2696 9757, LU_BP2S_OFFER@bnpparibas.com) is the tender and information agent.
The telecommunications company (previously France Telecom) is based in Paris.
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