France Telecom-Orange has issued a €750m eurobond due October 2019.
The fixed-rate bond which carries a coupon of 1.875% has a reoffer spread of 80 basis points over midswaps to yield 1.875%.
Bookrunners for the transaction were Barclays, Banco…
France Telecom-Orange has issued a €750m eurobond due October 2019.
The fixed-rate bond which carries a coupon of 1.875% has a reoffer spread of 80 basis points over midswaps to yield 1.875%.
Bookrunners for the transaction were Barclays, Banco Bilbao Vizcaya Argentaria, HSBC and Societe Generale.
The company said it issued the notes, launched under its EMTN programme, “to take advantage of favourable interest rates conditions”.
Moody’s has rated the bond A3.
France Telecom aims to reduce its net debt/EBITDA ratio, which stood at 2.17 at the end of 2012, to close to two at the end of 2014. Its restated EBITDA at the end of 2012 was €13.785bn, its EBITDA margin 31.7% and its net debt €30.545bn.
