Orange Announces The Results Of A Tender Offer On Its Outstanding NC2023 Hybrid Notes
By Oystein Bergmann, Senior Correspondent Scandinavia
Orange has announced the results of a tender offer (the “Tender Offer”) which expired at 5:00 pm Paris time on November 28, 2022 in relation to its £600,000,000(US$732million) Undated 8.5 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first call date on April 1, 2023 (ISIN XS1115502988) (the “Notes”).
Orange announced that the aggregate principal amount of Notes validly tendered and accepted for purchase is £386,641,000. The aggregate nominal amount of Notes outstanding after settlement date, which is expected to be November 30, 2022, will be £39,237,000.
Following the settlement of the Tender Offer, over 90 per cent of the initial aggregate principal amount of the Notes originally issued will have been purchased by Orange. Pursuant to the terms and conditions of the Notes, Orange will have the option to redeem all of the remaining outstanding Notes at 100 per cent of their principal amount together with any accrued interest and any arrears of interest up to such effective date of redemption.
Orange intends to exercise this option following the settlement of the Tender Offer. Following the Tender Offer and the exercise of the call option on the Notes, Orange’s hybrid stock will be reduced by less than 10 per cent of the principal amount outstanding. Orange remains fully committed to maintaining hybrid as a long-term layer of the capital structure.
