Orange S.A.'s Junior Subordinated Hybrid Security Rated 'BBB-' And Assessed As Having Intermediate Equity Content

Orange S.A. has announced it would issue a new junior subordinated hybrid instrument. The group intends to use the proceeds to fund capped tender offers on existing hybrids with first calls in April 2025 and October 2026. We assess the proposed junior security as having intermediate equity content. We are assigning our 'BBB-' issue rating to the proposed junior security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) March 27, 2024--S&P Global Ratings today said it had assigned its 'BBB-' issue rating to the proposed 6.9-year noncallable junior subordinated hybrid security issued by French telecom operator Orange S.A. (BBB+/Stable/A-2). The rating reflects our notching for subordination and optional interest deferability. We assess the security as having intermediate

...March 27, 2024 - Orange S.A. has announced it would issue a new junior subordinated hybrid instrument. - The group intends to use the proceeds to fund capped tender offers on existing hybrids with first calls in April 2025 and October 2026. - We assess the proposed junior security as having intermediate equity content. - We are assigning our '###-' issue rating to the proposed junior security to reflect its subordination and optional deferability. PARIS (S&P Global Ratings) March 27, 2024--S&P Global Ratings today said it had assigned its '###-' issue rating to the proposed 6.9-year noncallable junior subordinated hybrid security issued by French telecom operator Orange S.A. (###+/Stable/A-2). The rating reflects our notching for subordination and optional interest deferability. We assess the security as having intermediate equity content. We view this as a liability management transaction. Orange will use the proceeds to fund a capped tender for part of the 1 billion April 2025 noncallable...

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