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Credit Agricole seeks consents to amend 2.625% notes due 2027
By Marisa Wong
Los Angeles, Nov. 10 – Credit Agricole SA has begun a consent solicitation and will convene a meeting of holders of its €2 billion 2.625% subordinated notes due March 17, 2027 (ISIN: XS1204154410), according to a press release.
The company is seeking noteholder approval for the inclusion of a contractual recognition of bail-in clause meeting the European regulatory requirements in the terms and conditions of the notes.
The noteholders’ meeting will be held at 6 a.m. ET on Dec. 11 at the office of Linklaters LLP in London. In the absence of a quorum, an adjourned meeting would be scheduled for 6 a.m. ET on Jan. 3.
The quorum required at the initial meeting is one or more persons holding at least 50% in principal amount of the outstanding notes. If the meeting is adjourned, the quorum will drop down to one or more persons holding at least 25% in principal amount of the outstanding notes.
The majority required at each meeting to pass the resolution to amend the notes will be a majority of the principal amount of notes present and voting.
If the resolution is passed at the meeting, the company will pay a consent fee. Holders who deliver consent instructions by 11 a.m. ET on Nov. 23, the early consent deadline, will be eligible to receive a 0.25% early consent fee. Holders who deliver consent instructions after that early deadline will be eligible to receive a 0.1% consent fee.
Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com) is the solicitation agent.
The information and tabulation agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; creditagricole@is.kroll.com; attn.: David Shilson; https://deals.is.kroll.com/creditagricole).
The investment bank is based in Montrouge, France.
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