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]

Core Viewpoint - Orange S.A. plans to issue a new series of Euro-denominated hybrid notes and launch a tender offer for some of its outstanding hybrid notes to proactively manage its hybrid portfolio [1][3]. Group 1: New Notes Issuance - The new Euro-denominated undated deeply subordinated fixed to reset rate notes will have a first call date of June 24, 2032 [1]. - Pricing for the new notes is expected to be announced later today, with anticipated ratings of BBB-/Baa3/BBB- from S&P, Moody's, and Fitch, respectively, and an equity content of 50% [2]. - The new notes will be admitted to trading on Euronext Paris [2]. Group 2: Tender Offer - The tender offer aims to repurchase existing hybrid notes, with a maximum acceptance amount expected to match the amount of the new notes [2][3]. - The tender offer will expire at 4:00 PM Paris time on June 19, 2025, with results announced on June 20, 2025 [4]. - Qualifying holders can sell their existing notes ahead of their respective upcoming first reset date and apply for priority in the allocation of the new notes [3]. Group 3: Company Overview - Orange is a leading telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 125,800 employees worldwide as of March 31, 2025 [12]. - The company serves a total customer base of 294 million globally, including 256 million mobile customers and 22 million fixed broadband customers [12]. - Orange operates in 26 countries and is also a prominent provider of global IT and telecommunication services to multinational companies under the brand Orange Business [13].