AXA gives results, pricing of tender offers for two deeply subordinated notes

By Wendy Van Sickle

Columbus, Ohio, March 5 – AXA announced the results and pricing of its separate any-and-all tender offers for two notes, according to an announcement.

The company offered on Feb. 27 to purchase from the £350 million outstanding 6.6862% fixed-to-floating rate undated deeply subordinated notes (ISIN: XS0260056717) with a first call date on July 6, 2026. The company received and accepted tenders of £333,981,000 of these notes.

The second offer covers the £723,925,000 outstanding 5.453% undated deeply subordinated resettable notes (ISIN: XS1134541561) with a first call date on March 4, 2026. The company received and accepted tenders of £662,238,000 of these notes.

The purchase price for the floating-rate notes will be 103.675, based on the 1.5% U.K. Treasury due July 22, 2026 and a purchase spread of 70 basis points.

The consideration for the resettable notes will be 101.023, based on the 0.125% U.K. Treasury due Jan. 30, 2026 and a purchase spread of 55 bps.

Interest will also be paid.

Tender instructions were due by 11 a.m. ET on March 4.

Pricing was determined at 6 a.m. ET on March 5.

Settlement is expected on March 7.

The company was conducting the tender offers to actively manage its debt structure.

Barclays Bank Ireland plc (+44 20 3134 8515, eu.lm@barclays.com) and Deutsche Bank AG (+44 20 7545 8011) are the dealer managers.

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

AXA is a Paris-based insurance company.

© 2015 Prospect News.
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