Orange Completes the Repurchase of €356.6 Million in Hybrid Bonds
On Tuesday, Orange announced the completion of its repurchase offer initiated on June 15, targeting two series of non-callable perpetual hybrid bonds. The telecom operator repurchased €254.041 million from the first series and €102.6 million from the second, thereby reducing its hybrid debt by more than €350 million.
Two Series of Hybrid Bonds with Unequal Acceptance Rates
Orange structured its operation around two tranches of hybrid bonds in circulation. The first, a tranche initially issued at €1.25 billion with a non-callable first call on October 1, 2026 (ISIN XS1115498260), had about €500 million in circulation. Orange repurchased €254.041 million at 100.650% of the nominal value, reducing the balance to €245.957 million.
The second tranche, initially amounting to €500 million with a first call on March 19, 2027 (ISIN FR0013447877), had €350 million of principal in circulation before the operation. Orange repurchased €102.6 million at 99.150%, leaving €247.4 million in circulation.
Restructuring of Orange's Hybrid Portfolio
This operation, announced on June 15, is part of the active restructuring strategy of the group's hybrid bond portfolio. The repurchase of nearly €357 million in principal is part of the active financial liability management of the group. The settlement of the offer is expected on June 25, 2026.
Orange will finance this operation through its available resources. The operator thus reduces the amount in circulation of its subordinated hybrid bonds.
