Orange completes US$6 billion Notes offering across five tranches

Client(s) Orange, S.A.

Jones Day advised Orange, the global telecommunications and digital services provider, on an inaugural Rule 144A offering of US$6 billion of Notes across five tranches. The transaction comprised of Fixed Rate Notes maturing in 2029, 2031, 2033, 2036, and 2056, including (i) $750 million Fixed Rate Notes due January 2029, bearing interest at a rate of 4.00%; (ii) $1.25 billion Fixed Rate Notes due January 2031, bearing interest at a rate of 4.25%; (iii) $1.5 billion Fixed Rate Notes due January 2033, bearing interest at a rate of 4.75%; (iv) $2 billion Fixed Rate Notes due January 2036, bearing interest at a rate of 5.00%; and (v) $500 million Fixed Rate Notes due January 2056, bearing interest at a rate of 5.75%.

BNP Paribas Securities Corp.; BofA Securities, Inc.; and Morgan Stanley & Co. LLC acted as global coordinators, and BBVA Securities Inc.; Credit Agricole Securities (USA) Inc.; and MUFG Securities Americas Inc. acted as joint book-running managers.