Orange skips bridge, senior and bags €3bn hybrid for Jazztel buy

Orange logo, gadget for new website
By Jon Hay
25 Sep 2014

Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions on Wednesday, when it raised €3bn towards its €3.4bn acquisition of Jazztel, the Spanish cable and mobile company, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.

“This market is really amazing,” said a banker at one of Orange’s leads. “Bayer did a huge trade, Orange has done another massive one, Volkswagen has done two. It’s very deep, you can do two big trades in a year, it’s very impressive.”

Hybrid made sense ...

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