AXA starts cash tender offer for subordinated notes due 2054

Chicago, April 19 – AXA started a cash tender offer for its £750 million outstanding fixed-to-floating-rate subordinated notes due Jan. 16, 2054 with a first call date on Jan. 16, 2034 (ISIN: XS1004674450), according to an offering document.

The issuer is inviting noteholders to tender any and all of the notes.

The tender consideration will be based on the 4.5% U.K. Treasury due 2034 and a purchase spread of 185 basis points. Pricing will be determined at 6 a.m. ET on April 27.

Accrued interest will also be paid.

Tender instructions are due by 11 a.m. ET on April 26.

Instructions are irrevocable.

Settlement is expected on May 2.

The dealer managers are Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com).

Kroll Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, axa@is.kroll.com).

AXA is a Paris-based insurance company.

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