By Paul A. Harris
Portland, Ore., Aug. 29 - Societe Generale priced $1.25 billion of speculative-grade 8¼% perpetual subordinated hybrid Tier 1 notes (Ba3/BB+/BB) at par, according to a company press release issued on Thursday.
The order book topped $4 billion for the deal, which held particular appeal for institutional investors, especially in Europe, the release stated.
Citigroup, Credit Suisse, Deutsche Bank, HSBC and SG CIB managed the sale.
Proceeds will be used to reinforce Societe Generale's financial solidity by adding to its Basel 3 Tier 1 and total capital ratios.
The issuer is a Paris, France-based multinational financial services provider.
| Issuer: | Societe Generale
|
| Amount: | $1.25 billion
|
| Maturity: | Perpetual
|
| Securities: | Perpetual subordinated hybrid Tier 1 notes
|
| Managers: | Citigroup, Credit Suisse, Deutsche Bank, HSBC, SG CIB
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Call protection: | Five years
|
| Stabilization: | Aug. 29, 2013 to Sept. 27, 2013
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Fitch: BB
|
| Format: | €125 billion debt instruments issuance program
|
| Marketing: | Roadshow
|
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