Orange Completes Tender Offer for €356.6 Million of Subordinated Notes

Orange  has announced the results of its tender offer launched on June 15, 2026, to repurchase portions of two series of outstanding undated deeply subordinated fixed-to-reset rate notes. The transaction forms part of the company’s ongoing capital and debt management strategy.

For the €1.25 billion undated 12-year non-call subordinated notes due for their first reset on October 1, 2026, approximately €254.04 million worth of notes were validly tendered and accepted by the company. The notes were repurchased at a tender price of 100.65% of their principal value.

Following the settlement of the transaction, approximately €245.96 million of the 2026 notes will remain outstanding. The securities are listed on Euronext Paris and currently had around €500 million outstanding prior to the tender offer.

Orange also accepted tenders for its €500 million undated 7.5-year non-call subordinated notes with a first reset date of March 19, 2027. The company received and accepted valid tenders totaling €102.6 million.

The 2027 notes were repurchased at a tender price of 99.15% of their principal amount. After completion of the transaction, approximately €247.4 million of these notes will remain outstanding.

In total, Orange has agreed to repurchase approximately €356.64 million worth of subordinated notes across the two series.

The settlement of the tender offer is expected to take place on June 25, 2026. The transaction allows Orange to actively manage its debt profile while optimizing its capital structure and outstanding hybrid securities portfolio.