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Orange begins £500 million tender offer for four sterling notes series
By Jennifer Chiou
New York, March 31 – Orange SA announced the launch of its up to £500 million cash tender offer for the following notes:
• £285,811,000 of outstanding 5% notes due May 2016;
• £500 million of outstanding 8% notes due December 2017;
• £450 million of outstanding 7.25% notes due November 2020; and
• £350 million of outstanding 5.25% notes due December 2025.
The original issue amount of the 5% notes was £750 million.
The payout will be set using the 2% U.K. Treasury gilt due January 2016 plus a spread of 45 bps for the 5% notes, the 1% U.K. Treasury gilt due September 2017 plus 62 bps for the 8% notes, the 3.75% U.K. Treasury gilt due September 2020 plus 70 bps for the 7.25% notes and the 5% U.K. Treasury gilt due March 2025 plus 98 bps for the 5.25% notes.
Orange will also pay accrued interest to the settlement date.
The issuer said it may increase the tender cap. It noted that the purpose of the offer is to smooth its debt maturity profile and manage upcoming redemptions, according to a company filing.
The offer will end on April 9.
Pricing is set for April 10, and settlement is anticipated on April 14.
The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Royal Bank of Scotland (+44 20 7085 5991 or liabilitymanagement@rbs.com).
The information agents are BNP Paribas Securities Services, Luxembourg Branch (+352 2696 62301 or LU_BP2S_OFFER@bnpparibas.com) and BNP Paribas Securities Services (+33 1 55 77 61 60, fax +33 1 57 43 31 38, paris.bp2s.ost.dom.gis@bnpparibas.com). BNP Paribas Securities Services, Luxembourg Branch is also the tender agent.
The telecommunications company (previously France Telecom) is based in Paris.
© 2015 Prospect News.
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