News and Deals
News and Deals
Cleary Gottlieb Steen & Hamilton LLP advises Crédit Agricole S.A., and Linklaters advises the banks, in connection with Crédit Agricole S.A.'s tender offers for Perpetual Additional Tier 1 notes and issuance (144/Reg S) of USD1.25 billion of Perpetual Additional Tier 1 notes.
Cleary Gottlieb Steen & Hamilton LLP advises Crédit Agricole S.A., and Linklaters advises the banks, which include Crédit Agricole Corporate and Investment Bank as Sole Bookrunner, Global Coordinator and Structuring Bank, along with several international investment banks, in connection with Crédit Agricole S.A.'s tender offers for two series of outstanding Perpetual Additional Tier 1 notes and its issuance of USD1.25 billion of Perpetual Additional Tier 1 notes.
Crédit Agricole S.A.’s any and all cash tender included offers to purchase its outstanding USD 8.125% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes and its GBP 7.500% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable. The tender offers were conducted concurrently with the issuance of a new series of Perpetual Additional Tier 1 notes, with the offering made pursuant to Rule 144A (within the United States) and Regulation S (outside the United States) under the US Securities Act.
This issuance is intended to further strengthen Crédit Agricole S.A.'s regulatory capital base. The perpetual notes bear interest at a rate of 7.125% per annum until 23 September 2035. The interest rate will be reset on that date and every 5-years thereafter on each subsequent reset date at a rate determined on the basis of the then applicable 5-year Mid-Swap rate (SOFR) plus a margin. Crédit Agricole S.A. may elect to redeem the notes on any reset date.
The Cleary Gottlieb Steen & Hamilton LLP team was led by Frederic Martin and Valérie Lemaitre, Partners, Laura Birène, Counsel, and Hamza Sebti, Paul Boswell, Paul Roudié, Megi Jashari and Doriane Nguenang, Associates. Anne-Sophie Coustel and Matthew Brigham, Partners and Nathaniel Pribil, Mingyu Tang and Agathe Hanrot, Associates, were responsible for tax aspects.
The Linklaters team was led by Luis Roth and Véronique Delaittre, Partners, Pierre-André Destrée, Counsel, and Sirine Laghouati and Emma Elbaz, Associates. Jonathan Abensour, Partner, Omer Harel, Counsel and Young Jin Kim and Jean Delebecque, Associates, were responsible for tax aspects.