Orange: Orange issues 750 million euros of hybrid notes

Core Viewpoint - Orange S.A. has successfully issued €750 million in undated deeply subordinated fixed to reset rate notes with a fixed coupon of 3.875% until the first reset date, aimed at managing its hybrid portfolio and providing liquidity to existing noteholders [1][2][3] Group 1: Issuance Details - The new notes are intended for trading on Euronext Paris and are expected to receive ratings of BBB-/Baa3/BBB- from major rating agencies [2] - The first call date for the new notes is set for March 24, 2032 [1] - The issuance is part of a tender offer to repurchase existing notes, with a maximum acceptance amount not exceeding €750 million [2][3] Group 2: Company Overview - Orange is a leading telecommunications operator with revenues of €40.3 billion in 2024 and a global workforce of 125,800 employees as of March 31, 2025 [10] - The company serves a total customer base of 294 million, including 256 million mobile customers and 22 million fixed broadband customers [10] - Orange operates in 26 countries and is also a significant provider of IT and telecommunications services to multinational companies under the brand Orange Business [11]