Press release
Not for distribution in
ORANGE announces the results of its tender offer to repurchase its
€1,000,000,000 Undated 7 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes
with first call date on
(ISIN XS1115490523)
and/or
£650,000,000 Undated 8 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes
with first call date on
(ISIN XS1028597315)
and/or
£600,000,000 Undated 8.5 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first call date on
(ISIN XS1115502988)
- the signing of its issuance of €700,000,000 undated 8 year non-call deeply subordinated fixed to reset rate notes (the New Notes) with a fixed coupon of 1.750% until the first call date; and
- the results of its tender offer (the Tender Offer) to partially repurchase part of three series of its outstanding undated deeply subordinated fixed to reset rate notes: €1,000,000,000 Undated 7 Year Non-Call Notes with first call date on
1 October 2021 (of which €500,001,000 is currently outstanding) (ISIN XS1115490523) (the 2021 Notes), £650,000,000 Undated 8 Year Non-Call Notes with first call date on7 February 2022 (ISIN XS1028597315) (the 2022 Notes) and £600,000,000 Undated 8.5 Year Non-Call Notes with first call date on1 April 2023 (ISIN XS1115502988) (the 2023 Notes, together with the 2021 Notes and 2022 Notes, the Existing Notes).
Following the end of the Tender Offer period, the Company is pleased to announce the pricing and acceptance of the Tender Offer as follows:
- in respect of the 2021 Notes:
(a) the aggregate principal amount validly tendered is €381,627,000;
(b) the 2021 Notes Series Acceptance Amount is €381,627,000;
(c) the 2021 Notes Tender Price is 104.047%;
(d) the remaining outstanding principal amount of the 2021 Notes following the settlement of the Tender Offer will be €118,374,000;
- in respect of the 2022 Notes:
(a) the aggregate principal amount validly tendered is £222,898,000;
(b) the 2022 Notes Series Acceptance Amount is £222,898,000;
(c) the 2022 Notes Tender Price is 105.978%;
(d) the remaining outstanding principal amount of the 2022 Notes following the settlement of the Tender Offer will be £427,102,000;
- in respect of the 2023 Notes:
(a) the aggregate principal amount validly tendered is £218,400,000;
(b) the 2023 Notes Series Acceptance Amount is £39,122,000;
(c) the Tender Pro-Rating Factor in respect of the 2023 Notes is 20.416%;
(d) the 2023 Notes Tender Price is 110.098%;
(f) the remaining outstanding principal amount of the 2023 Notes following the settlement of the Tender Offer will be £560,878,000.
The exchange rate in respect of the Euro equivalent of the nominal amount of the 2022 Notes and 2023 Notes accepted for tender is 1.0994.
The purpose of the Tender Offer and the issuance of New Notes is, amongst other things, to proactively manage the Company's hybrid portfolio. The funds resulting from the issuance of the New Notes will be used to finance the partial repurchase of the Existing Notes. The aggregate size of the Company's stock of hybrid notes will remain unchanged.
The Autorité des marchés financiers granted approval number 20-509 on
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 Existing 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 paragraph,
About Orange
Orange is one of the world’s leading telecommunications operators with sales 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
- EUO2-#2000610837-v7 Orange 2020 - Tender Results - PR - ENG
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