Not for distribution in the United States of America
Orange announces today the results of a tender offer (the “Tender Offer”) which expired at 5:00 pm Paris time on 28 November 2022 in relation to its £600,000,000 Undated 8.5 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first call date on 1 April 2023 (ISIN XS1115502988) (the “Notes”).
Orange is pleased to announce that the aggregate principal amount of Notes validly tendered and accepted for purchase is £386,641,000. The aggregate nominal amount of Notes outstanding after settlement date, which is expected to be 30 November 2022, will be £39,237,000.
Following the settlement of the Tender Offer, over 90% of the initial aggregate principal amount of the Notes originally issued will have been purchased by Orange. Pursuant to the terms and conditions of the Notes, Orange will have the option to redeem all of the remaining outstanding Notes at 100% of their principal amount together with any accrued interest and any arrears of interest up to such effective date of redemption.
Orange intends to exercise this option following the settlement of the Tender Offer.
Following the Tender Offer and the exercise of the call option on the Notes, Orange’s hybrid stock will be reduced by less than 10% of the principal amount outstanding. Orange remains fully committed to maintaining hybrid as a long-term layer of the capital structure.
