BNP to sell $750 million perpetual fixed-rate resettable additional tier 1 notes; pricing Tuesday

By Devika Patel

Knoxville, Tenn., Nov. 7 – BNP Paribas (Aa3/A/A+) intends to price a $750 million Rule 144A and Regulation S offering of perpetual fixed-rate resettable additional tier 1 notes (expected Ba1/BBB-/BBB-), according to a market source.

The notes bear interest at a fixed rate until Nov. 15, 2027 and then will be reset every five years to a rate based on the mid-swaps rate. Initial price thoughts are in the 5.625% area.

The notes are non-callable until Nov. 15, 2027, when they may be called at par and may be redeemed at par plus interest on each call date after that.

BNP Paribas Securities Corp. is the bookrunner.

Pricing was expected Tuesday. Settlement is expected Nov. 15.

The financial services company is based in Paris.

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