Crédit Agricole S.A. announces the repayment of its undated deeply subordinated notes (ISIN: FR0010161026 & US225313AA37-USF22797FJ25)
October 25 2021 - 2:30AM
Crédit Agricole S.A. announces the repayment of its undated deeply
subordinated notes (ISIN: FR0010161026 &
US225313AA37-USF22797FJ25)
Montrouge, on October 25, 2021 |
CREDIT AGRICOLE S.A. ANNOUNCES THE
REPAYMENT OF ITS
Undated deeply
subordinated notes issued on
February 4, 2005
(ISIN:
FR0010161026)*
and
Undated deeply
subordinated
notes issued on May 31, 2007 (ISIN:
US225313AA37 - USF22797FJ25)*
Crédit Agricole S.A. (the
“Issuer”) today announces:
- The redemption
(the “2005 Note Redemption”) of
all of its undated deeply subordinated notes issued on February 4,
2005 (ISIN: FR0010161026) (the “2005
Notes”), on February 4, 2022 (the
“2005 Note Redemption
Date”).
The 2005 Notes will be redeemed in accordance
with Condition 6(2)(a) (General Call Option) of the Terms and
Conditions of the 2005 Notes (the “2005
Note Terms and Conditions”) at a
price equal to 100% of the principal amount plus the amount of any
interest accrued up to and excluding the 2005 Note Redemption Date
(the “2005 Note
Redemption Amount”).
On the 2005 Note Redemption Date, the 2005 Note
Redemption Amount will become due and payable and, in accordance
with Condition 4(1) of the 2005 Note Terms and Conditions, each
2005 Note will cease to bear interest on that date.
Holders of the 2005 Notes will be formally
notified of the implementation of the 2005 Note Redemption in
accordance with the 2005 Note Terms and Conditions.
- The redemption
(the “2007 Note
Redemption”) of all of its undated deeply
subordinated notes issued on May 31, 2007 (ISIN: US225313AA37 -
USF22797FJ25) (the “2007 Notes”,
and together with the 2005 Notes, the “Notes”), on
January 6, 2022 (the “2007 Note
Redemption Date”).
The 2007 Notes will be redeemed in accordance
with Condition 6(2)(b)(i) (Redemption for Regulatory Reasons or
Taxation Reasons) of the Terms and Conditions of the 2007 Notes
(the “2007 Note Terms and
Conditions”) at a price equal to 100% of the principal
amount plus the amount of any interest accrued up to, and
excluding, the 2007 Note Redemption Date (the
“2007 Note Redemption
Amount”). In accordance with Articles 484 and 486 of
Regulation (EU) no.575/2013 (as amended, the
“CRR”), the 2007 Notes will lose, as from January
1, 2022, the benefit of the grandfathering clause which allowed for
their recognition as Tier 1 capital.
On the 2007 Note Redemption Date, the 2007 Note
Redemption Amount will become due and payable and, in accordance
with Condition 4(1) of the 2007 Note Terms and Conditions, each
2007 Note will cease to bear interest on that date.
Holders of the 2007 Notes will be formally
notified of the implementation of the 2007 Note Redemption in
accordance with the 2007 Note Terms and Conditions.
As of June 30, 2021, the nominal value of the
2005 Notes was approximately €183 million and the nominal value of
the 2007 Notes was approximately US$79 million. The amounts
recognized in regulatory capital were approximately €183 million
and approximately €67 million (equivalent), respectively.
In accordance with the applicable regulation,
the Issuer has requested and obtained the prior permission of the
European Central bank to redeem the 2005 Notes and the 2007 Notes
early.
For more information about Crédit Agricole S.A.,
please visit its website:
https://www.credit-agricole.com/en/finance/finance.
WARNING
This press release does not constitute an offer
to purchase, or the solicitation of an offer to sell, the Notes in
the United States, Canada, Australia or Japan or in any other
jurisdiction. The distribution of this press release in certain
jurisdictions may be restricted by law. Persons into whose
possession this press release comes are required to inform
themselves of and observe any such restrictions.
No communication or information relating to the
redemption of the Notes may be distributed to the public in any
jurisdiction in which registration or approval is required. No
action has been or will be taken in any jurisdiction where such
action would be required. The redemption of the Notes may be
subject to specific legal and regulatory restrictions in certain
jurisdictions; Crédit Agricole S.A. disclaims any liability for any
violation by any person of such restrictions.
This press release is a communication for
advertising purposes; and neither this press release nor any notice
or other document made public and/or delivered, or which may be
made public and/or delivered to holders of the Notes in connection
with the redemption of the Notes is or is intended to be a
prospectus for the purposes of Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (as amended,
the “Prospectus Regulation”). No prospectus will
be published in connection with the redemption of the Notes for the
purposes of the Prospectus Regulation.
This press release does not and shall not under
any circumstances constitute an offer of the Notes to the public by
Crédit Agricole S.A. or a solicitation of the public in connection
with any offer in any jurisdiction, including France.
*The ISIN number is included solely for the
convenience of the holders of the Notes. No warranty is given as to
the accuracy or correctness of the ISIN number as printed on the
Notes or as contained herein and a holder may rely only on the
identification numbers, if any, printed on its own Note.
PRESS CONTACTS FOR CRÉDIT AGRICOLE S.A.
Charlotte de Chavagnac+
33 1 57 72 11
17 charlotte.dechavagnac@credit-agricole-sa.frOlivier
Tassain+ 33 1 43 23
25
41 olivier.tassain@credit-agricole-sa.frPauline
Vasselle+ 33 1 43
23 07
31 pauline.vasselle@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com -
www.creditagricole.info
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Crédit
Agricole |
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Crédit
Agricole Group |
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créditagricole_sa |
- CASA Press Release VA (Final))
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