Societe Generale gives final results for six-series solicitation

By William Gullotti

Buffalo, N.Y., June 16 – Societe Generale received adequate consents from holders of four of the six series of notes involved in its May 16 consent solicitation to approve the proposed amendments to the notes, according to a notice on Friday.

As initially reported, the issuer sought consents to introduce a contractual recognition of bail-in clause to the conditions of each of the relevant notes.

As previously reported on May 26, the issuer received enough written consents to approve the proposal from noteholders of the following two series as of the 5 p.m. ET on May 25 early deadline:

• $1 billion subordinated 4.25% notes due Aug. 19, 2026 (ISINs: US83368JKF65, USF43628C650); and

• $500 million subordinated 5.625% notes due Nov. 24, 2045 (ISINs: US83367TBT51, USF8586CBU56).

The following two consent solicitations were terminated:

• A$150 million 4.875% subordinated notes due Oct. 13, 2026 (ISIN: XS1503159219); and

• $500 million 5.1% subordinated notes due June 27, 2036 (ISIN: XS1432505128).

As reported Wednesday regarding Societe Generale’s withdrawal of its solicitation for the A$150 million 4.875% notes due 2026, no consent fee will be paid to consenting noteholders from that series.

The press release did not indicate whether noteholders who previously delivered consents for the $500 million 5.1% notes due 2036 will be subject to the same condition, nor did it disclose why the solicitation for the series was terminated.

The consent solicitation was successful for the remaining two series:

• ¥10 billion 2.5% subordinated notes due Dec. 16, 2026 (ISIN: XS1530901658); and

• $50 million 5.4% subordinated notes due July 23, 2035 (ISIN: XS1265349909).

Society Generale did not include what it paid in total for the 0.25% early consent fee that it offered to noteholders who provided written consent by the early voting deadline, nor did it detail the voting and participation results for the series that approved the bail-in amendment.

Societe Generale (+33 1 42 13 32 40; liability.management@sgcib.com) is the solicitation agent.

The fiscal and principal paying agent is Societe Generale Luxembourg SA.

The information and tabulation agent is D.F. King (212 269-5550 or 800 549-6697, +44 20 7920 9700, +852 3953 7208; SGCIB@dfkingltd.com; https://sites.dfkingltd.com/SGCIB).

The investment banking company is based in Paris.

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