Allen & Overy advised Crédit Agricole Corporate and Investment Bank in connection with Crédit Agricole S.A.'s Tender Offers for Perpetual Notes
28 April 2020
Allen & Overy advised Crédit Agricole Corporate and Investment Bank acting as Sole Structuring Advisor and Sole Dealer Manager in connection with Crédit Agricole S.A.'s offer to purchase any and all of its USD 6.637% Undated Deeply Subordinated Notes and capped tender offer to purchase its EUR CMS Floater Undated Deeply Subordinated Notes, subject to a maximum tender amount equal to EUR300 million minus the euro equivalent of the amount purchased in the USD Offer.
The transactions were launched on April 2, 2020. The USD Offer settled on April 13, 2020 and the EUR Offer settled on April 14, 2020. Crédit Agricole Corporate and Investment Bank acted as Sole Structuring Advisor and Sole Dealer Manager in both tender offers.
The notes subject to the USD Offer and EUR Offer are outstanding hybrid capital notes, which constitute Tier 1 notes. The purpose of the tender offers is to allow Crédit Agricole S.A. and the Crédit Agricole Group to optimize its capital base and debt management while offering liquidity to investors. The tender offers have been approved by the European Central Bank.
The Allen & Overy team consisted of Paris partners Diana Billik and Hervé Ekué, London associate Seungwook Koo and Paris associate Quentin Herry.