Credit Logement buys €695.75 million of two note series in tender

By Susanna Moon

Chicago, Nov. 28 – Credit Logement SA said it accepted tenders for €473.75 million of its €800 million undated deeply subordinated noncumulative fixed-to-floating notes.

Credit Logement also accepted for purchase €222 million of its €500 million 5.454% ordinary subordinated notes due 2021 with no prorating, according to a company update on Tuesday.

The purchase price will be 91.5% for the fixed-to-floaters and 118.642% for the 5.454% notes.

After settlement on Tuesday, there will be left outstanding €326.25 million of the fixed-to-floaters and €278 million of the 5.454% notes.

The issuer said it also satisfied the new issue condition.

As announced Nov. 13, the company was tendering for all of the fixed-to-floaters and up to a capped amount of the 5.454% notes, which would depend on the pricing of the new notes.

The company previously said it planned to finance the tender offer with proceeds of a new issue of euro-denominated ordinary subordinated fixed-rate resettable notes.

The tender price for the 5.454% notes was set using a tender yield of negative 0.3% assuming a settlement date of Nov. 28.

Holders will also receive accrued interest up to but excluding the settlement date.

The tender offer ended at 10 a.m. ET on Nov. 20.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Credit Agricole Corporate and Investment Bank (+44 207 214 5733 or liability.management@ca-cib.com) and Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com). Societe Generale is also acting as global coordinator and structuring adviser.

The tender agent is Societe Generale (+33 2 51 85 52 43 or nantes.gis-op-titres@sgss.socgen.com). The information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or sebastopol@lucid-is.com).

Paris-based Credit Logement offers loans, mortgage, real estate sale, loan redemption and cash payment acquisition services.

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