Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Orange SA > News item |
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.