Orange has successfully priced a 6 billion US dollars bond issuance, with settlement and delivery expected on January 13, 2026. This offering, which was more than 8x oversubscribed at times, consists of 5 tranches:

Orange plans to use the proceeds for general corporate purposes, which may include the repayment of certain outstanding indebtedness of MasOrange to be assumed in connection with Orange's acquisition of the remaining 50% of MasOrange.

With a weighted average coupon of 4.72% for an average maturity of 9 years, this first US dollars issuance since 2016 allows Orange to benefit from diversification in its pool of credit investors.

 

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This press release may not be published, distributed or transmitted in Canada, Australia or Japan. This release does not constitute an offer of securities for sale or a solicitation of an offer to purchase these securities in the United States, Australia, Canada, Japan or any other jurisdiction in which such offer or solicitation is unlawful. The securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). There will be no public offering of the securities in the United States. The securities have not been, and will not be, registered under the Securities Act. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan subject to certain exceptions.

The company has not authorized any offer of the securities to retail investors (as such term is defined in the regulation) in any member state of the European Economic Area. No action has been undertaken or will be undertaken to make an offer of the securities to retail investors requiring publication of a prospectus in any EEA Member State. As a result, the securities may only be offered in EEA Member States (i) to any legal entity that is a qualified investor as defined in the Prospectus Regulation (EU) No 2017/1129, as amended or (ii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. 

This press release is an advertisement and not a prospectus within the meaning of the Prospectus Regulation and does not constitute an offer to acquire securities. No Prospectus Regulation compliant prospectus has been or will be published. 

In the United Kingdom, this release may only be distributed to, and is only directed at, persons who are “qualified investors” within the meaning of Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons referred to in (i) and (ii) above are together being referred to as “Relevant Persons”). This release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity in securities of the Company is available only to Relevant Persons and will be engaged in only with Relevant Persons.

About Orange

About Orange

About Orange Orange is one of the world’s leading telecommunications operators. The Group aims to be the trusted partner for everyday digital life by providing individuals, businesses and communities with reliable connectivity and innovative services. As of the end of 2025, Orange connects 340 million customers (including MasOrange) across 26 countries and generated 40.4 billion euros in revenues.
As a trusted player, Orange leverages the excellence of its very high-speed broadband networks to deploy digital infrastructure in Europe, Africa and the Middle East. The Group is a European leader in fiber, with 100 million connectable households, and convergent offers. In France, Orange connects 34 million customers and was ranked No. 1 by the regulator Arcep for the quality of its mobile network for the 15th consecutive year. In Africa and the Middle East, the Group’s growth engine, Orange serves nearly 180 million customers and promotes digital and financial inclusion through its connected solutions.
Under the Orange Business brand, the Group supports companies in transforming their networks as well as in AI, trusted cloud and cybersecurity. Orange is also a major player in the wholesale market, where it has a leading global telecom infrastructure and significant capabilities for deploying and operating submarine cables. A committed innovator, Orange relies on 700 researchers and holds a portfolio of 11,000 patents.

Orange is listed on Euronext Paris (symbol ORA). More information: www.orange.com. 

Orange and any other Orange product or service names mentioned in this material are trademarks of Orange or Orange Brand Services Limited.