Orange had issued hybrid bonds with a total value of €3 billion for its proposed acquisition of the Spanish telco Jazztel.
The bonds are in three tranches, of €1 billion, €1.25 billion and £600 million (€766 million), have already attracted strong interest from investors, with total orders of over €11 billion.
They allow Orange to strengthen its balance sheet at a cost of 4.5%, below the average cost of its existing bonds.
Separately, Alken Asset Management is reported to have increased its stake in Jazztel from 5.1% to 6.5%.
Alken is the second largest shareholder in Jazztel and has already indicated its opposition to Orange’s proposed takeover of the telco.
