Orange Sells Its Biggest-Ever Bond After Spain Buyout Deal (2)

Telecom company Orange SA sold its biggest-ever bond deal on Thursday just a week after agreeing to buy out the remaining stake in its Spanish joint venture MasOrange for $4.9 billion.

The issuer raised €5 billion ($5.8 billion) across five tranches maturing in three, six, nine, 12.5, and 20 years, with final orders exceeding €15.6 billion, according to a person with knowledge of the deal. Orange’s previous largest offering was a €3.15 billion triple-trancher issued in January 2019, data compiled by Bloomberg show.

Solid investor demand, with orders exceeding three times the amount offered, allowed Orange to cut the spreads ...