Credit Agricole sets cap for two-series tender offer at €500 million

By Marisa Wong

Los Angeles, Oct. 17 – Credit Agricole Assurances has set the maximum principal acceptance amount of its tender offer for two series of undated subordinated notes issued in 2014 and 2015 at €500 million, according to a Tuesday press release.

The company launched the offer on Monday, 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 was set equal to the principal amount of the company’s concurrent new issue of fixed-rate euro subordinated notes (expected: BBB). The company announced on Tuesday that it has placed €500 million of 10-year tier 2 notes with a coupon of 5.875%.

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 tender offer 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.