Gide advised the bank syndicate on Orange’s €5 billion notes issuance

Gide has advised a bank syndicate on a €5 billion notes issuance by Orange.

The first of five tranches has a principal amount of €750 million with an annual coupon of 2.500% and mature in 2028. The second tranche has a principal amount of €1 billion with an annual coupon of 3.125% and mature in 2031. The third tranche has a principal amount of €1.375 billion with an annual coupon of 3.500% and mature in 2034. The fourth tranche has a principal amount of €1.375 billion with an annual coupon of 3.750% and mature in 2038. The fifth tranche has a principal amount of €500 million with an annual coupon of 4.125% and mature in 2045.

The notes issuance has been oversubscribed. Orange plans to use the proceeds for the company’s general corporate purposes, which may include refinancing its existing debt and/or the potential acquisition of a 50% stake in MasOrange.

Gide’s team was led by partner Laurent Vincent, assisted by Akim Zellami and Joshua Barathon, associates.