Gide advised the bank syndicate on Orange’s €4.1 billion notes issuance

Gide has advised a bank syndicate on the €4.1 billion multi-tranche notes issuance of Orange.

The first of four tranches has a principal amount of €1.25 billion, carries an annual coupon of 3.625% and matures in 2029. The second tranche has a principal amount of €1 billion, carries an annual coupon of 4.000% and matures in 2032. The third tranche has a principal amount of €1.1 billion, carries an annual coupon of 4.250% and matures in 2035. The fourth tranche has a principal amount of €750 million, carries an annual coupon of 4.500% and matures in 2038. These four tranches of bonds are listed on the regulated market of Euronext Paris.

The issuance has been oversubscribed with a total order book of 16 billion euros. Orange plans to use the proceeds for the company’s general corporate purposes.

Gide’s team was led by partner Laurent Vincent, assisted by Emilie Radisson, associate, on the capital markets aspects, and by Sacha Najafi, counsel, on the tax aspects.