Orange unveiled the terms of its latest hybrid bond issue on Thursday evening, which amounted to €750m.

The telecoms operator said that these new perpetual super-subordinated bonds, which include an initial early redemption option from March 2032, will bear interest at a fixed rate, with a coupon of 3.875% until the first adjustment date.

For the record, Orange plans to launch a parallel contractual offer to repurchase its €1.25bn of perpetual senior bonds not redeemable before 12 years, with a first interest rate reset date of 1 October 2026.

The offer must also include its €500m super-subordinated bonds with no maturity date and no redemption before 7.5 years, with an initial interest rate reset date of 19 March 2027, bearing interest at a fixed rate that is subject to adjustment.

The aim of the transaction is, amongst other things, to proactively manage its portfolio of hybrid instruments.


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