Orange: issues E700m in hybrid bonds

(CercleFinance.com) - Orange has issued E700m in hybrid bonds, with an initial early redemption option from 15 December 2030, bearing interest at a fixed reset rate, with a coupon of 4.
50% until the first reset date.

The new perpetual super-subordinated notes are expected to be admitted to trading on Euronext Paris, and are expected to be considered as equity by rating agencies up to 50%.

The telecom operator also notes that it has launched a contractual tender offer for two other existing hybrid bond issues, with a view to proactively managing its portfolio of hybrid instruments.


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