French incumbent Orange has opened the books on its three-tranche non-call hybrid offering, which is managed by global coordinators BNP Paribas and Goldman Sachs.
The first two tranches are denominated in euros and are set to mature in 2020 and 2024,…
French incumbent Orange has opened the books on its three-tranche non-call hybrid offering, which is managed by global coordinators BNP Paribas and Goldman Sachs.
The first two tranches are denominated in euros and are set to mature in 2020 and 2024, with coupons at 4.5% and between 5.5%-5.625% respectively, according to an IFR report.
The third sterling-denominated tranche will be due 2022 and carry interest at 6%-6.125%, the report said.
Orange is expected to make an announcement regarding the offering shortly.
Alongside the global coordinators, Credit Agricole, Citigroup, HSBC, ING, Morgan Stanley and Societe Generale are acting as joint bookrunners for the euro offering, and Barclays and Santander on the sterling tranche.
Orange, formerly France Telecom, last tapped senior public bond markets in August 2013, when it issued €850m (US$1.13bn) of five-year notes with a 1.875% coupon and €650m (US$870m) of 11-year notes with a 3.125% coupon.
