France Telecom buys €1 billion of three bond series in tender offer

By Susanna Moon

Chicago, Nov. 19 - France Telecom SA said it completed the tender offer to purchase up to €1 billion of its 4.625% notes due January 2012, 4.375% notes due February 2012 and 7.25% notes due January 2013.

Investors tendered €1,963,000,000 of the three series of notes, and the company bought back €1 billion of them, according to a company press release.

The company bought back €160 million of the 4.625% notes, €416 million of the 4.375% notes and €424 million of the 7.25% notes.

The offer began on Nov. 10.

The company said it funded the tender offer with the issue of a £750 million 3.875% bond due January 2021.

The tender offer and placement are part of a "debt optimization strategy [that] represents a volume of more than €5 billion of bonds as of today and allows the group to continue to take advantage of very low interest rates while extending its average debt maturity, which has now been increased by 0.6 years," according to a company press release.

BNP Paribas and Societe Generale were the dealer managers for the tender offer.

BNP Paribas, Credit Suisse and Societe Generale were the bookrunners for the bond issue.

France Telecom is a Paris-based telecommunications operator.

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