Orange has chosen a balanced approach that allows to reduce the exposure of the Group in relation to BT Group plc (BT), while remaining exposed to a potential increase in future action, through its residual interest.
Download the free guide
Boost your gains
Sale of 133 million shares to BT via a private placement by way of accelerated building of an order book, of which approximately 64 million shares sold to qualified institutional investors, and approximately $ 69 million of repurchased shares for BT and its Employee Share Ownership Trust.
Simultaneous broadcasting of bonds exchangeable into shares BT to negative rate after conversion in euros for an amount of 517 million sterling, expiring in June 2021.
Orange gives in and about 1.33 % of the share capital of BT for approximately $ 383 million pounds sterling, to be sold for a price of 288 pence per share representing a discount very low of 0.59% on the closing price.
The exchangeable bonds, with a maturity of 4 years (subject to early repayment), will be issued on June 27, 2017 with an original exercise price of 389 pence, representing a premium of 35% on the sale price of the shares from the investment accelerated.
Issued in pounds sterling, they will bear interest at the rate of 0.375%, or a negative interest rate of-0.50% after conversion into euro. They will be the subject of an application for admission on the Open Market of Euronext Paris.
The holders of the exchangeable bonds will exercise their right to exchange at any time on or after August 7, 2017 until the 55th calendar day prior to the maturity of the bonds.
To their reimbursement, Orange will be able to choose between settlement in cash, in shares, BT or a combination of the two.
BNP Paribas and J. P. Morgan intervened as Global Coordinators and Grades of Paper associated with it.
The products of the operation will be assigned to the general needs of Orange.
Download the free guide
Boost your gains
