Orange to launch tender offer for three series of hybrid notes

By Marisa Wong

Morgantown, W.Va., April 3 – Orange SA is launching a tender offer to repurchase three series of its outstanding hybrid notes, according to a news release.

The company is planning to purchase its €1 billion outstanding undated six-year-non-call deeply subordinated fixed-to-reset-rate notes with a first call date on Feb. 7, 2020; €1 billion outstanding undated seven-year-non-call deeply subordinated fixed-to-reset-rate notes with a first call date on Oct. 1, 2021; and £650 million outstanding undated eight-year-non-call deeply subordinated fixed-to-reset-rate notes with a first call date on Feb. 7, 2022.

The maximum acceptance amount under the Regulation S tender offer is expected to equal the principal amount of new notes that Orange plans to issue.

The company expects to price new euro-denominated undated six-year-non-call deeply subordinated fixed-to-reset-rate notes (Baa3/BBB-) on Wednesday.

Results of the tender offer will be announced on April 11.

The company said the purpose of the tender offer and the issuance of new notes is to proactively manage its hybrid portfolio, taking advantage of favorable market conditions. The aggregate size of the hybrid portfolio will remain unchanged as a result, the company noted.

Orange is a telecommunications company based in Paris.

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