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Orange completes hybrid refinancing transaction
By Robert S. Johnson
Princeton, N.J., April 12 – Orange SA has completed its tender offer to repurchase three series of its outstanding hybrid notes, according to a news release.
In the offer, Orange had offered to repurchase its €1 billion outstanding undated six-year-non-call deeply subordinated fixed-to-reset 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 notes with a first call date on Feb. 7, 2022.
In respect to the 2020 notes, holders validly tendered an aggregate principal amount of €692,299,000, and 70.702%, or €499,999,000, will be accepted for purchase at a price of 103.598%.
Following the purchase, €500,001,000 will be left outstanding.
In respect of the 2021 notes, holders validly tendered €578,946,000 principal amount of the notes, and 83.617%, or €499,999,000, will be accepted for purchase at a price of 108.648.
Following the purchase, €500,001,000 of the notes will remain outstanding.
The company said none of the 2022 notes will be accepted for purchase.
Proceeds of a new issue of notes were used to fund the tender offer.
The company sold a new €1 billion issue of undated six-year non-call deeply subordinated fixed-to-reset notes with a fixed coupon of 2.375% until the first call date.
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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