Orange launches a new series of hybrid bonds

Orange SA has announced its plan to issue a new series of hybrid bonds. These bonds, which will not mature for seven years, will be denominated in euros and listed on Euronext Paris. Rating agencies are expected to assign these new bonds a rating of BBB-/Baa3/BBB- and partially classify them as equity.

At the same time, Orange initiated a tender offer for certain existing bonds. This notably concerns bonds of €1.25 billion and €500 million, with the objective of repurchasing all of the former and a portion of the latter.

The issuance of the new bonds and the tender offer are intended to proactively manage Orange's hybrid portfolio. The results of this transaction will be announced on June 23, 2026.