By Susanna Moon
Chicago, Dec. 11 – La Mondiale said investors had tendered for exchange €235,714,000 of two series of notes by the end of the offer at 10 a.m. ET on Dec. 10.
Investors had tendered €140,464,000 of its €331.7 million of fixed-to-floating subordinated notes due April 25, 2044 and €95,250,000 of its €200 million of undated deeply subordinated fixed-to-floating notes.
In exchange, the company will issue €268,405,000 of new 5.05% reset undated subordinated notes, according to a press release.
The exchange offer price was set at €120.278, with a new notes final spread of 405 basis points, which was the minimum spread.
The exchange price for the undated notes was 104.5%. When the offer was announced, the company said the exchange offer price for the notes due 2044 would be set using a relative spread of 80 bps.
The notes will have a first call date of Dec. 17, 2025.
The new notes will be issued in minimum denominations of €100,000 plus multiples of €1,000 in excess of that amount up to €199,000.
The exchange offer began on Dec. 3.
The dealer managers were Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.mangement@db.com) and HSBC Bank plc (44 20 7992 6237 or liability.mangement@hsbcib.com).
The exchange agent was Lucid Issuer Services Ltd. (44 20 7704 0880 or ag2r@lucid-is.com).
La Mondiale Group is a France-based international group for supplementary pension and estate planning insurance. It sponsors cycling team Ag2r-La Mondiale with Ag2r Group, an interprofessional insurance and supplementary retirement fund group.
| Issuer: | La Mondiale
|
| Issue: | Reset undated subordinated notes
|
| Amount: | €768,405,000, of which €500 million is add-ons
|
| Coupon: | 5.05%
|
| Call option: | Beginning Dec. 17, 2025
|
| Settlement date: | Dec. 17
|
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