Macif starts exchange offer for €150 million subordinated fixed/floaters

By Jennifer Chiou

New York, Sept. 23 – Mutuelle Assurance des Commercants et Industriels de France et des cadres et salaries de l'Industrie et du Commerce (Macif) announced the start of the exchange offer for any and all of its €150 million of outstanding undated subordinated fixed/floating-rate notes.

According to a press release, the purpose of the offer is for Macif to monitor its solvency ratio under current and future regulation.

In exchange for the existing notes, the company is offering new euro-denominated undated subordinated fixed/floating-rate notes at an exchange offer price of 101.5%.

Participating holders will also receive accrued interest in cash.

The new notes will be issued in denominations of €100,000, which is the minimum exchange amount.

The offer will end on Sept. 30.

Macif said that the minimum spread for the new notes will be set on Sept. 25, with the announcement of the final spread set for Oct. 1.

Settlement is slated for Oct. 6.

The offer does not apply to the United States.

The dealer managers are BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com) and Natixis (44 20 3216 9598 or liability.management@natixis.com).

The exchange agent is BNP Paribas Securities Services (attn: Corporate trust services; 33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com).

The issuer is an insurance company based in Niort, France.

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