Credit Agricole Assurances accepts tenders for €500 million of notes

By Marisa Wong

Los Angeles, Oct. 24 – Credit Agricole Assurances announced the final results of its Oct. 16 tender offer to purchase up to a maximum acceptance amount of undated subordinated notes from two series issued in 2014 and 2015.

The issuer announced on Tuesday that it received tenders for €803.3 million of notes for both series and has set the final acceptance amount at €500 million.

As announced on Oct. 17, the €500 million maximum amount corresponds to the amount of newly issued tier 2 subordinated notes.

The company has accepted for purchase the following notes:

• €380 million of the €1 billion of 4.25% 2014 notes with a first call date on Jan. 13, 2025 (ISIN: FR0012444750), using a proration factor of 75.25%, at a price of 98.825; and

• €120 million of the €750 million of 4.5% 2015 notes with a first call date on Oct. 14, 2025 (ISIN: FR0012222297), using a proration factor of 47.85%, at a price of 98.472.

After settlement, €620 million of the 4.25% notes and €630 million of the 4.5% notes will remain outstanding.

The tender offer expired at 10 a.m. ET on Oct. 23.

Uptevia is the 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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