Credit Agricole takes in tenders for €350 million of 2.625% bonds

By Sarah Lizee

Olympia, Wash., Jan. 29 – Credit Agricole Corporate and Investment Bank said holders had tendered for €350 million of its €900 million 2.625% bonds due Feb. 5, 2021 in the capped offer that ended at 10 a.m. ET on Jan. 28.

The pro-ration factor is 0.7903, except for tenders for purchase of a single existing bond, a principal amount of €100,000.

The tender cap was set after pricing of new bonds on Jan. 24, according to a company update on Friday.

As announced Jan. 18, the tender is being made in connection with the issue of new bonds and the maximum acceptance amount was to be set after the pricing of the new issue, taking into account the amount of the new issue and the proceeds that will be used for the refinancing of the €335.1 million outstanding €600 million 2.5% bonds due March 2019.

Pricing in the tender offer was expected to be set at 7 a.m. ET on Jan. 29 using the interpolated mid-swap rate plus 40 basis points.

Settlement is expected to occur on Jan. 31.

Holders will also receive accrued interest.

The structuring advisers and dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Credit Agricole Corporate and Investment Bank (+44 20 7214 5903 or liability.management@ca-cib.com). The dealer managers are Merrill Lynch International (+44 20 7995 0298 or DG.LM_EMEA@baml.com), Natixis (+33 1 58 55 08 14 / +33 1 58 55 05 56 or liability.management-corporate@natixis.com) and UniCredit Bank AG (+49 89 378 15150 or corporate.lm@unicredit.de).

The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com). The tender agent is BNP Paribas Securities Services (+33 1 55 77 61 60, fax +33 1 57 43 31 38 or paris.bp2s.offers@bnpparibas.com).

Credit Agricole, a subsidiary of Credit Agricole SA, is an investment banking company based in Montrouge, France.

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