sur ORANGE (EPA:ORA)
Orange S.A. Announces New Euro-Denominated Hybrid Notes and Tender Offer
On June 15, 2026, Orange S.A. revealed plans to issue new Euro denominated 7-year non-call hybrid notes, alongside a tender offer for existing hybrid notes. The new securities, termed "New Notes," are anticipated to secure a BBB-/Baa3/BBB- rating and a 50% equity content, with their pricing expected later today. They will be traded on Euronext Paris.
The tender offer targets Orange's outstanding notes, specifically a €1.25 billion tranche due October 2026, and a €500 million tranche due March 2027. The goal is to purchase these notes for cash, up to the value of the new issuance minus current outstanding amounts.
This financial strategy aims to proactively manage Orange's hybrid portfolio, allowing noteholders to sell before upcoming reset dates, with an option to prioritize new note allocations. The tender expires on June 22, 2026, with results on June 23.
R. H.
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