Crédit Agricole S.A. Announces Offer Prices and Final Results of its Tender Offers for EUR and GBP Senior Preferred Notes
04 Juni 2020 - 3:38PM
Crédit Agricole S.A. Announces Offer Prices and Final Results of
its Tender Offers for EUR and GBP Senior Preferred Notes
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY
AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF OFFERS TO SELL
ANY SECURITIES.
Montrouge 4 June 2020
Crédit Agricole S.A. Announces Offer
Prices and Final Results of its Tender Offers for EUR and GBP
Senior Preferred Notes
Summary of the Final Results of its
Tender Offers for USD Senior Preferred Notes and EUR/GBP Senior
Preferred Notes____________________
Crédit Agricole S.A., acting through its London
Branch (the “Company”), today announced the offer
prices and final results for its tender offers (the
“Offers”) to purchase eleven (11) series of Notes
denominated in euros or pounds sterling (the “EUR/GBP
Notes”) launched on 28 May 2020.
The Offers expired on 3 June 2020 at 4:00 p.m.,
Central European Summer time (the “Expiration
Date”). The Offers were made on the terms and subject to
the conditions set forth in the Tender Offer Memorandum dated 28
May 2020 (the “Tender Offer Memorandum”).
The Company has decided to accept for purchase
all the EUR/GBP Notes validly tendered at or prior to the
Expiration Date, representing an aggregate principal amount of
EUR1,927,866,233 (equivalent) EUR/GBP Notes for a total price
(excluding accrued interest) of EUR2,015,064,203
(equivalent). The amount tendered did not exceed the Maximum
Tender Amount of EUR3,500,000,000 (or equivalent), and therefore
pro-rationing will not apply.
The table below set forth the Offer Price and
the aggregate principal amount of each Series of EUR/GBP Notes that
are accepted for purchase by the Company, as well as the principal
amount remaining outstanding for each of them.
Title of Notes and ISIN No. |
Original Issued Amount / Principal Amount
Outstanding |
Reference Benchmark |
Reference Yield |
Fixed Spread (basis points) / Yield |
Offer Price(1) |
Principal Amount Tendered and Accepted |
Outstanding Principal Amount after Settlement |
EUR
Fixed Rate Notes due November 2020 issued as EMTN Series no. 441
ISIN: XS0997520258 |
EUR1,250,000,000 |
N/A(2) |
N/A |
0%
Yield |
101.136% |
EUR100,100,000 |
EUR1,149,900,000 |
EUR
Fixed Rate Notes due January 2022 issued as EMTN Series no. 367
ISIN: XS0637417790 |
EUR390,000,000 |
January 2022 Interpolated Mid-Swap rate |
-0.280% |
+25
bps |
107.494% |
- |
EUR390,000,000 |
EUR
Fixed Rate Notes due January 2022 issued as EMTN Series 472 ISIN:
XS1169630602 |
EUR1,500,000,000 |
January 2022 Interpolated Mid-Swap rate |
-0.281% |
+25
bps |
101.471% |
EUR219,100,000 |
EUR1,280,900,000 |
EUR
Fixed Rate Notes due December 2022 issued as EMTN Series 496 ISIN:
XS1425199848 |
EUR1,000,000,000 |
December 2022 Interpolated Mid-Swap rate |
-0.296% |
+25
bps |
101.983% |
EUR293,800,000 |
EUR706,200,000 |
EUR
Fixed Rate Notes due April 2023 issued as EMTN Series 361 ISIN:
XS0617251995 |
EUR1,000,000,000 |
April
2023 Interpolated Mid-Swap rate |
-0.295% |
+25
bps |
114.843% |
EUR80,200,000 |
EUR919,800,000 |
EUR
Fixed Rate Notes due July 2023 issued as EMTN Series 422 ISIN:
XS0953564191 |
EUR1,250,000,000 |
July
2023 Interpolated Mid-Swap rate |
-0.293% |
+30
bps |
109.710% |
EUR92,900,000 |
EUR1,157,100,000 |
EUR
Fixed Rate Notes due May 2024 issued as EMTN Series 464 ISIN:
XS1069521083 |
EUR1,650,000,000 |
May
2024 Interpolated Mid-Swap rate |
-0.280% |
+35
bps |
109.103% |
EUR440,400,000 |
EUR1,209,600,000 |
EUR
Fixed Rate Notes due September 2024 issued as EMTN Series 507 ISIN:
XS1550135831 |
EUR1,000,000,000 |
September 2024 Interpolated Mid-Swap rate |
-0.272% |
+35
bps |
103.939% |
EUR239,300,000 |
EUR760,700,000 |
GBP
Fixed Rate Notes due December 2021 issued as EMTN Series 354 ISIN:
XS0583495188 |
GBP250,000,000 |
UKT
3.75% September 2021 |
0.050% |
+85
bps |
107.000% |
GBP56,902,000 |
GBP193,098,000 |
GBP
Senior Preferred Fixed Rate Notes due October 2024 issued as EMTN
Series 564 ISIN: FR0013449600 |
GBP300,000,000 |
UKT
2.75% September 2024 |
0.005% |
+100
bps |
101.018% |
GBP93,900,000 |
GBP206,100,000 |
EUR
Senior Preferred Floating Rate Notes due January 2022 issued as
EMTN Series no. 542 ISIN: FR0013396777 |
EUR1,500,000,000 |
N/A |
N/A |
N/A |
100.350% |
EUR292,700,000 |
EUR1,207,300,000 |
(1) Per EUR100,000 or GBP100,000, as
applicable, in principal amount of the Notes purchased pursuant to
the Offers. In addition to the Offer Price, Holders that tender
EUR/GBP Notes that are accepted for purchase will also receive
Accrued Interest.
(2) Not applicable.
The settlement of the Offers is expected to
occur on 5 June 2020, on which date the Company will deposit with
Euroclear, Clearstream or CACEIS Corporate Trust S.A., as
applicable, the amount necessary to pay the aggregate Offer Price
and Accrued Interest to the relevant Holder. Euroclear, Clearstream
or CACEIS Corporate Trust S.A., as applicable, will pay or cause to
be paid to each such Holder the relevant Offer Price and Accrued
Interest.
The EUR/GBP Notes so repurchased will be
canceled by the Company immediately following the settlement of the
Offers.
For further details about the terms and
conditions of the Offers, please refer to the Tender Offer
Memorandum. Capitalized terms used in this announcement but not
defined herein have the meanings given to them in the Tender Offer
Memorandum.
Following today’s announcement of the final
results of the Offers and the USD offers, the Company has purchased
an aggregate principal amount of EUR1,433,602,256 (equivalent) USD
Notes and an aggregate principal amount of EUR1,927,866,233
(equivalent) EUR/GBP Notes.
The Offers and the USD offers are expected to
have an immediate impact on revenues of EUR-41 million, which will
be felt in the second quarter of 2020. Taking into
consideration the expected favorable effect of the Offers and USD
offers on future revenues between June 2020 and January 2025, the
expected total impact of the Offers and USD offers on revenues is
expected to be positive and is estimated to be EUR+46 million.
Further Information
Questions and requests for assistance in connection with the
Offers may be directed to:
Sole Structuring Bank for the EUR:GBP
Offers and Dealer Manager
Crédit Agricole Corporate and Investment
Bank.
12, place des Etats-Unis, CS 7005292547 Montrouge
CedexFranceAttn: Liability Management Tel: +44 207 214 5903 Email:
liability.management@ca-cib.com
Questions and requests for assistance in
connection with the tenders of the EUR/GBP Notes including requests
for a copy of the Tender Offer Memorandum may be directed to:
The Tender
Agents and the Information Agent
for the Offers
Lucid Issuer Services LimitedTankerton Works12
Argyle WalkLondon WC1H 8HAAttn: Thomas ChoquetTel: +44 20 7704
0880Email: ca@lucid-is.com CACEIS Corporate Trust
S.A.1-3, Place Valhubert75013 ParisFranceAttn: David
PASQUALETel: +33 (6) 37 41 17 59Email: david.pasquale@caceis.com /
LD-F-CT-OST-MARCHE-PRIMAIR@caceis.com |
Disclaimer
This announcement is not an offer to purchase or
a solicitation of offers to sell any securities in the United
States or any other jurisdiction. This announcement is not an
invitation to participate in the Offers. The distribution of this
announcement in certain countries may be prohibited by law. Persons
who receive this press release should inform themselves of and
comply with such restrictions.
- Crédit Agricole S.A. Announces Offer Prices and Final Results
of its Tender Offers for EUR and GBP Senior Preferred Notes
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