Credit Agricole cuts coupon of $100 million callable fixed-rate notes

By Jennifer Chiou

New York, Feb. 5 – Credit Agricole Corporate and Investment Bank announced that it has given notice to holders of its $100 million of callable fixed-rate notes due January 2028 that it has amended the terms of the securities.

At the end of January, the company began soliciting consents to reduce the coupon payments on the notes.

Specifically, the bank reduced the coupon from the then-current 4.25% to 3.95% beginning on Jan. 31, according to the notice.

The rate for Jan. 31 to July 31 will be paid as a flat 1.975%. Subsequent periods will be at an annual rate of 3.95%.

The changes to the notes, which are series 2665, ISIN XS0876895813, also eliminated the call option that was scheduled for Jan. 31, 2015.

Credit Agricole Corporate and Investment Bank is the corporate and investment arm of Credit Agricole Group, a Paris-based financial institution.

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