Credit Agricole gets consents needed to amend 2.625% notes due 2027

By Marisa Wong

Los Angeles, Dec. 11 – Credit Agricole SA announced the success of its consent solicitation of holders of its €2 billion 2.625% subordinated notes due March 17, 2027 (ISIN: XS1204154410), according to a Monday press release.

As announced on Nov. 10, the company sought 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.

A noteholders’ meeting was held at 6 a.m. ET on Dec. 11 at the office of Linklaters LLP in London. Holders voted in favor of the resolution submitted at the meeting.

The quorum required at the meeting was one or more persons holding at least 50% in principal amount of the outstanding notes. The majority required to pass the resolution to amend the notes was a majority of the principal amount of notes present and voting.

Because the resolution passed at the meeting, the company will pay a consent fee. Holders who delivered consent instructions by 11 a.m. ET on Nov. 23, the early consent deadline, will receive a 0.25% early consent fee. Holders who delivered consent instructions after that early deadline will receive a 0.1% consent fee.

Payment is expected to be made on Dec. 13.

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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