Orange Plans to Launch a New Hybrid Bond and Redeem Two Existing Tranches
On Monday, Orange announced its plan to issue a new tranche of super-subordinated perpetual bonds, accompanied by a tender offer for some of its outstanding hybrid bonds. This move aims to actively restructure the group's hybrid instrument portfolio.
Orange plans to issue super-subordinated perpetual bonds, which are non-redeemable for the first 7 years, denominated in euros, and bearing interest at a fixed rate that is resettable. The pricing was expected to be announced on Monday. The group anticipates trading these bonds on Euronext Paris. Rating agencies S&P, Moody's, and Fitch are expected to assign the new bonds a rating of BBB-/Baa3/BBB- respectively, and consider them as 50% equity.
Tender Offer on Existing Bonds
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Orange is simultaneously launching a contractual tender offer targeting two series of existing bonds. The first involves super-subordinated bonds with a nominal amount of €1.25 billion, with the first reset date on October 1, 2026 (ISIN XS1115498260), of which approximately €500 million are in circulation. The second targets bonds of €500 million with the first reset date on March 19, 2027 (ISIN FR0013447877), of which €350 million are in circulation. According to the terms of the offer, Orange proposes to buy back all of the first series and the bonds of the second series up to a maximum amount equal to the total principal amount of the new bonds minus the nominal amount of the first series bonds in circulation. The tender offer ends on June 22, 2026, at 4:00 PM (Paris time), with the results announced on June 23.
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Context
Period
Period: 1T2026
Key reported figures
Revenue: 10095M€
EBITDA: 2601M€
Guidance from the release
Merci à tous les collaborateurs d'Orange pour ces beaux succès du premier trimestre.
Une performance commerciale soutenue en Afrique et Moyen-Orient, France et Europe.
Risks mentioned
Exposition limitée aux effets de la crise au Moyen-Orient.
Effet exceptionnel anticipé dans les objectifs 2026.
Opportunities identified
Lancement du plan Trust the future.
Prise de contrôle exclusive de MasOrange prévue d'ici fin juin.
Entrée en négociations exclusives avec Altice pour l'achat de SFR.
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