Press release
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Orange intends to issue a new series of Euro-denominated hybrid notes and to launch a tender offer on some of its outstanding hybrid notes
The pricing of the New Notes is expected to be announced later today. The New Notes are intended to be admitted to trading on Euronext Paris. It is also expected that the rating agencies will assign the New Notes a rating of BBB-/Baa3/BBB- (S&P / Moody's / Fitch) and an equity content of 50%.
The Company is also launching a tender offer (the Tender Offer) to repurchase:
- its €1 billion Undated 6 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first reset date on
15 April 2025 and admitted to trading on Euronext Paris (ISIN FR0013413887) (of which €1 billion is currently outstanding) (the NC 2025 Existing Notes); and - its €1.25 billion Undated 12 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first reset date on 1st
October 2026 and admitted to trading on Euronext Paris (ISIN XS1115498260) (of which €1.25 billion is currently outstanding) (the NC 2026 Existing Notes and, together with the NC 2025 Existing Notes, the Existing Notes).,
up to a maximum acceptance amount which is expected to be equal to the amount of the New Notes and, with respect to each series of Existing Notes, up to a specific maximum acceptance amount, to be announced by the Company following the pricing of the New Notes.
The purpose of the Tender Offer and the planned issuance of New Notes is, amongst other things, to proactively manage the Company's hybrid portfolio. The Tender Offer also provides qualifying holders with the opportunity to sell their Existing Notes ahead of their respective upcoming first reset date and to apply for priority in the allocation of the New Notes.
The Tender Offer will expire at
Disclaimer
This announcement does not constitute an invitation to participate in the Tender Offer or the issuance of New Notes in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.
Tenders of Notes for purchase pursuant to the Tender Offer will not be accepted from qualifying holders in any circumstances in which such offer or solicitation is unlawful. The Company does not make any recommendation as to whether or not qualifying holders should participate in the Tender Offer.
Securities may not be offered or sold in
This Tender Offer is not being made and will not be made directly or indirectly in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone, email and other forms of electronic transmission) of interstate or foreign commerce of, or any facility of a national securities exchange of,
For the purposes of the above paragraphs,
About Orange
Orange is one of the world’s leading telecommunications operators with revenues of
Orange is listed on Euronext Paris (symbol ORA) and on the
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CAUTION: NOT FOR DISTRIBUTION IN
This press release, of a purely informative nature, is not and cannot in any way be construed as an offering to sell any securities, or as a solicitation of any offer to buy securities, in any jurisdiction, including
Attachment
- PR Orange Hybrides bond_issue and Tender Offer 2024_27032024
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