Crédit Agricole Assurances completes its tender offers
Crédit Agricole Assurances has wrapped up its recent tender offers, confirming both the final acceptance amounts and the outcome. The exercise marks a clear step in the company’s ongoing, active approach to managing its capital and debt mix.
Overview of the offers
Launched on September 3, 2024, the offers invited holders to sell back certain series of undated subordinated notes originally issued in 2014 and 2015. Investors tendered a total of €788.5 million in valid notes, a response that points to strong participation across the two targeted series.
The notes concerned
The offers focused on two series identified by ISINs FR0012222297 and FR0012444750. These carry coupons of 4.25% and 4.50%, with rate reset dates falling in January 2025 and October 2025, respectively. By buying back part of these undated, subordinated instruments—notes that sit below senior debt and can reset their coupon at set intervals—the company aims to sharpen its financing profile while keeping maturities and costs in balance.
Final acceptance amount
The final acceptance is €788.5 million—above the initially indicated cap of €750 million. This higher take-up reflects a deliberate choice to seize market conditions, reduce future interest outlay where possible, and continue tightening the overall capital structure.
Offer results by series
Of the total accepted, €374.5 million relates to the 4.25% undated subordinated resettable notes, and €414 million to the 4.50% notes. After settlement, the outstanding principal will stand at €245.5 million for the former and €216 million for the latter. In short: a material reduction in both series, with each remaining outstanding and continuing to trade post-settlement.
Settlement and payment
Settlement is expected shortly after this announcement. Payments will be made via established market infrastructures—Euroclear, Clearstream, or Euroclear France—so qualifying holders should receive the relevant cash proceeds and any accrued interest without delay. The process follows standard market practices to ensure smooth, timely distribution.
About Crédit Agricole Assurances
Crédit Agricole Assurances is France’s leading insurer and brings together the Crédit Agricole Group’s insurance activities. With more than 5,800 employees, it offers a broad range of solutions—from health to property insurance—serving individuals, professionals, and businesses in France and abroad. In 2023, premium income totaled €37.2 billion.
Frequently Asked Questions
What exactly did these tender offers cover?
They invited holders to sell back two series of undated subordinated notes that the company issued in 2014 and 2015, helping Crédit Agricole Assurances fine-tune its capital structure.
How much did the company ultimately accept for purchase?
The final acceptance amount was €788.5 million, above the initially anticipated maximum of €750 million, reflecting strong participation and the company’s measured flexibility.
Which note series were included?
Two series: ISIN FR0012222297 (4.25% coupon) and ISIN FR0012444750 (4.50% coupon), each with a rate reset scheduled in January 2025 and October 2025, respectively.
When will holders receive payment?
Settlement is scheduled to occur shortly after the announcement. Payments will be processed through Euroclear, Clearstream, or Euroclear France, including any accrued interest due.
Why do the reset dates matter?
Reset dates are when the coupon can be revised under the notes’ terms. They shape future interest costs for the issuer and expected income for investors, which is why timing matters here.
