Orange successfully raised the equivalent of €2.8 billion in last-ranking subordinated perpetual bonds in euros and sterling quoted on the NYSE Euronext in Paris, in three tranches:
- €1 billion with an annual coupon of 4.250% subject to review and a first call date after six years;
- €1 billion with an annual coupon of 5.250% subject to review and a first call date after ten years; and
- £650 million with an annual coupon of 5.875% subject to review and a first call date after eight years;
These issues, for which BNP Paribas and Goldman Sachs International acted as global coordinators and joint lead managers, were placed via a banking syndicate of BNP Paribas, Goldman Sachs International, Citigroup, Crédit Agricole CIB, HSBC, ING, Morgan Stanley, Société Générale Corporate and Investment Banking, Barclays and Santander Global Banking & Markets.
These issues allow Orange to strengthen its balance sheet, at a cost in line with the average cost of its bond debt.
Orange was advised by CMS Bureau Francis Lefebvre and CMS Cameron McKenna. CMS Bureau Francis Lefebvre team was made up of Marc-Etienne Sébire (Partner), Rosetta Ferrère and Myriam Issad (Associates). CMS Cameron McKenna advised Orange on UK legal issues, with Jason Harding (Partner) and Eva Valentova (Associate).
Allen & Overy acted as advisor to the banking syndicate. Allen & Overy team comprised Hervé Ekué and Dan Lauder (Partners), Laurent Vincent and Lorraine Miramond (Associates).
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