La Mondiale starts exchange offer for two series of fixed-to-floaters

By Jennifer Chiou

New York, Dec. 3 – La Mondiale announced the launch of the exchange offer for any and all of its €331.7 million of fixed-to-floating subordinated notes due April 25, 2044 and its €200 million of undated deeply subordinated fixed-to-floating notes.

According to a press release, the company is offering new euro-denominated reset undated subordinated notes.

The offer will end at 10 a.m. ET on Dec. 10.

The exchange price for the undated notes is 104.5%, while the exchange offer price for the notes due 2044 will be determined using a relative spread of 80 basis points.

Interest on the new notes is to be set, and the notes will have a first call date of Dec. 17, 2025.

The new notes will be issued in minimum denominations of €100,000 plus multiples of €1,000 in excess of that amount up to €199,000.

The minimum spread for the new notes will be announced on Dec. 8, with the final spread set on Dec. 12.

Settlement is anticipated on Dec. 17.

La Mondiale said it will apply to list the new notes on Euronext Paris.

The dealer managers are Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.mangement@db.com) and HSBC Bank plc (44 20 7992 6237 or liability.mangement@hsbcib.com).

The exchange agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or ag2r@lucid-is.com).

La Mondiale Group is a France-based international group for supplementary pension and estate planning insurance. It sponsors cycling team Ag2r-La Mondiale with Ag2r Group, an interprofessional insurance and supplementary retirement fund group.

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