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Orange accepts €255.21 million 3.625% notes, £464.19 million 5% notes
By Angela McDaniels
Tacoma, Wash., Oct. 1 – Orange SA accepted €255,214,000 of its €1.15 billion 3.625% notes due October 2015 and £464,189,000 of its £750 million 5% notes due May 2016 for purchase, according to a company announcement.
As previously reported, the company began a tender offer for the notes Sept. 22. It expired Sept. 30 and is expected to settle Oct. 3.
The tender offer price is 103.655 for the 3.625% notes and 105.811 for the 5% notes. The company will also pay accrued interest to but excluding the settlement date.
Pricing was set on Oct. 1 using the October 2015 interpolated mid-swap rate minus 10 basis points for the euro notes and the 4% U.K. Treasury Gilt due Sept. 7, 2016 plus a spread of 45 bps for the sterling notes. The reference yield was 0.174% for the euro notes and 0.820% for the sterling notes.
The global coordinator and dealer manager for the tender offer was BofA Merrill Lynch (contact John Cavanagh at +44 20 7995 3715 or john.m.cavanagh@baml.com or contact Kulwant Bhatti at +44 20 7995 2929 or kulwant.bhatti@baml.com).
For the euro notes, Societe Generale (+44 20 7676 7579 or liability.management@sgcib.com) was the dealer manager, and BNP Paribas Securities Services (+33 1 55 77 61 60 or paris.bp2s.ost.ope.tcinbox@bnpparibas.com) was the tender and information agent.
For the sterling notes, HSBC Bank plc (+44 (0) 207 992 6237 or liability.management@hsbcib.com) was the dealer manager, and BNP Paribas Securities Services, Luxembourg Branch (+352 2696 62301 or LU_BP2S_OFFER@bnpparibas.com) was the tender and information agent.
The telecommunications company (previously France Telecom) is based in Paris.
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