By Paul A. Harris
Portland, Ore., May 22 - Groupama SA priced a €1.1 billion issue of 6 3/8% perpetual senior subordinated notes (Fitch: expected BB) on Thursday, according to a company press release.
HSBC was the structuring adviser.
BNP Paribas, Citigroup and Deutsche Bank were the joint bookrunners.
The transaction is part of the active management of Groupama's capital and to extend the average maturity of the group's liability profile and to reinforce its financial flexibility, according to the press release.
On May 7, Groupama launched an exchange offer on any and all of its undated senior subordinated notes issued in 2005 and a portion of its undated deeply subordinated notes issued in 2007 for new undated senior subordinated notes.
Investors have also showed significant interest in the new notes and played to an order book that was more that 10-times oversubscribed.
Groupama is a Paris-based insurance company.
| Issuer: | Groupama SA
|
| Amount: | €1.1 billion
|
| Maturity: | Perpetual
|
| Securities: | Senior subordinated notes
|
| Structuring adviser: | HSBC
|
| Joint bookrunners: | BNP Paribas, Citigroup, Deutsche Bank
|
| Coupon: | 6 3/8%
|
| First call date: | May 28, 2024
|
| Trade date: | May 22
|
| Settlement date: | May 28
|
| Expected rating: | Fitch: BB
|
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