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.

 

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