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AXA solicits consents to move sterling subordinated notes to Sonia
Chicago, Sept. 17 – AXA SA will hold separate noteholder meetings to pass resolutions to transition the benchmark basis for three of its floating-rate bonds to Sonia from Libor, according to a press release.
The meetings relate to the company’s £350 million fixed-to-floating-rate undated deeply subordinated notes (ISIN: XS0260056717) with a first call date of July 6, 2026, £750 million fixed-to-floating-rate subordinated notes due 2054 (ISIN: XS1004674450) with a first call date of Jan. 16, 2034 and £723,925,000 undated deeply subordinated resettable notes (ISIN: XS1134541561) with a first call date of March 4, 2026.
The company wants to move Libor to compounded daily Sonia for the first two series based on the first call dates, with a reference rate adjustment that accounts for the difference between Libor and Sonia, and also provide fallback provisions should Sonia go away. The rate adjustment has been fixed at 11.93 basis points.
For the third series, AXA seeks to move the reference rate to a Sonia-linked mid-swap rate from a Libor mid-swap rate with an adjustment, maintaining the applicable margin, and add fallback provisions if Sonia is not available when required. The rate adjustment has been fixed at 27.66 bps.
The meetings will be held via teleconference on Oct. 18, starting at 5 a.m. ET.
Valid consent instructions should be received by noon ET on Oct. 13.
Implementation of the resolutions is expected as soon as reasonably practicable.
Barclays is the solicitation agent (+44 20 3134 8515, eu.lm@barclays.com).
Lucid Issuer Services Ltd. is the tabulation agent (+44 20 7704 0880, axa@lucid-is.com, https://deals.lucid-is.com/axa).
AXA SA is a Paris-based insurance company.
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