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Societe Generale completes first of two offers for tier 1 hybrids
By Jennifer Chiou
New York, Dec. 2 - Societe Generale announced the successful wrap to the first of two offers for all of its tier 1 hybrid notes, accepting €1.4 billion equivalent of securities.
The first offer, which involved seven series of securities, was launched on Nov. 18 and ended on Dec. 1.
The Paris-based financial services company said the early deadline for the subsequent offer expired on the same day and that offer is slated to end on Dec. 19.
In the follow-up offer, SocGen said that it is targeting two series of hybrid notes initially placed with institutional investors.
When the offers were announced, the bank said it was tendering for up to €900 million of subordinated notes and preferred securities sold between 2003 and 2009.
The company said that the offers are meant to further strengthen its capital position.
Questions may be directed to Laetitia Maurel at 33 1 42 13 88 68 or Laetitia.A.maurel@socgen.com.
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