Credit Agricole begins capped tender offer for two series of perpetual subordinated notes

By Marisa Wong

Los Angeles, Oct. 16 – Credit Agricole Assurances has begun a tender offer for two series of undated subordinated notes issued in 2014 and 2015, according to a press release.

The company is offering to purchase up to a maximum amount of its outstanding €1 billion of 4.25% 2014 notes with a first call date on Jan. 13, 2025 (ISIN: FR0012444750) and €750 million of 4.5% 2015 notes with a first call date on Oct. 14, 2025 (ISIN: FR0012222297).

The maximum acceptance amount will not exceed the principal amount of the company’s new issue.

The company intends to concurrently launch a new issue of 10-year tier 2 fixed-rate euro subordinated notes (expected: BBB).

The company may choose to increase or decrease the maximum acceptance amount and will announce the final acceptance amount and the allocation between each series when it publishes the final results of the tender offer.

The offer began on Oct. 16 and will expire on Oct. 23.

Final results will be announced on Oct. 24.

Uptevia acts as tender and information agent (+33 1 57 78 11 57; sylvie.benacom@uptevia.com; CT-service-ost@uptevia.com).

The insurance arm of Credit Agricole is based in Paris.

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