AXA accepts all £610.5 million tendered 2054 notes at 99.21

By Marisa Wong

Los Angeles, April 27 – AXA announced results and pricing of its April 19 cash tender offer for its £750 million outstanding fixed-to-floating rate subordinated notes due Jan. 16, 2054 (ISIN: XS1004674450) with a first call date on Jan. 16, 2034.

As of 11 a.m. ET on April 26, the expiration deadline, holders had tendered £610,501,000 of the notes for purchase. The company has decided to accept for purchase all of the tendered notes, according to a Thursday press release.

The purchase price is 99.21, based on the 4.5% U.K. Treasury due 2034 and a purchase spread of 185 basis points. Pricing took place at 6 a.m. ET on April 27.

Accrued interest will also be paid.

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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