Groupama has successfully carried out the refinancing of its subordinated debt in the context of the active capital management
17 Januar 2017 - 6:33PM
Today, Groupama
announced the issue of Euro-denominated Fixed Rate subordinated
notes placed with institutional investors for an aggregate
principal amount of EUR 650 million, with an annual coupon of 6.000
per cent. This transaction is part of Groupama's active capital
management strategy. The purpose was to extend the average maturity
of the group's liability profile and to reinforce its financial
flexibility.
On 9 January 2017, Groupama
launched an offer to exchange any and all of its undated deeply
subordinated notes issued in 2007 and a portion of its senior
subordinated notes issued in 2009 for new senior subordinated notes
due 2027.
The transaction was very
successful across the two instruments, with 65 per cent. of the
2007 notes having being offered for exchange by investors and the
acceptance cap set by the group at 33 per cent. of the 2009 notes
having being reached.
Investors also showed significant
interest in the new notes: additional notes denominated in Euros
attracted very strong demand, with the order book around 10 times
oversubscribed.
Main terms of the new issue:
Issuer: Groupama SA
Expected rating of the notes: BB+
by Fitch
Issue amount: €650 million
Pricing date: 17 January 2017
Settlement date: 23 January
2017
Annual coupon: 6.000 per cent.
1st interest
payment date: 23 January 2018
ISIN: FR0013232444
Citigroup, Crédit Agricole CIB,
HSBC, J.P. Morgan (Sole Structuring Advisor), Morgan Stanley and
Société Générale acted as joint bookrunners on the transaction. The
new notes will be admitted to trading on Euronext Paris.
The prospectus of the new notes
may be obtained on the group's internet website (www.groupama.com)
and on the website of the Autorité des marchés financiers
(www.amf-france.org).
*******
| Press contacts |
Analyst and investor contacts |
Guillaume Fregni - + 33 (0)1 44 56 28 56
guillaume.fregni@groupama.com
Joséphine Leblanc - + 33 (0)1 44 56 32 34
josephine.leblanc@groupama.com
|
Yvette Baudron - +33 (0)1 44 56 72 53
yvette.baudron@groupama.com
Valérie Buffard - +33 (0)1 44 56 74 54
valerie.buffard@groupama.com
|
Version pdf
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: GROUPAMA via Globenewswire
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