Orange S.A. plans to issue new Euro-denominated hybrid notes, repurchase €1B existing notes, and launch a tender offer, pending regulatory approval.
Orange S.A. plans to issue new Euro-denominated hybrid notes, with the pricing expected later. It also intends to launch a tender offer to repurchase its existing €1B Undated 6 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes. The new notes are expected to receive a BBB-/Baa3/BBB- rating and have a 50% equity content. Both the new notes and the tender offer are subject to regulatory approval.
March 27, 2024
4 Articles