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Orange plans new Euro hybrid notes issue and tender offer to manage existing debt.

Company Fundamentals
15 Jun 2026
Orange S.A.
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Neutral
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Orange announced its intention to issue new Euro-denominated hybrid notes with a 7-year non-call period and fixed-to-reset rates, expected to be rated BBB-/Baa3/BBB-. Simultaneously, the company is launching a tender offer to repurchase some of its outstanding hybrid notes maturing in 2026 and 2027. This move aims to proactively manage its hybrid debt portfolio, offering holders a chance to sell notes before their reset dates and prioritize allocation in the new issuance. The tender offer closes on June 22, 2026, with results announced the next day.

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