CRÉDIT AGRICOLE S.A. ANNOUNCES THE LAUNCH OF A CONSENT SOLICITATION AND THE CONVENING OF A MEETING OF THE NOTEHOLDERS OF ITS EUR 2,000,000,000 Subordinated 2.625 per cent. Notes due 17 March 2027 (ISIN: XS1204154410)
10 Novembre 2023 - 8:47AM
CRÉDIT AGRICOLE S.A. ANNOUNCES THE LAUNCH OF A CONSENT SOLICITATION
AND THE CONVENING OF A MEETING OF THE NOTEHOLDERS OF ITS EUR
2,000,000,000 Subordinated 2.625 per cent. Notes due 17 March 2027
(ISIN: XS1204154410)
Montrouge, on November 10, 2023
CRÉDIT AGRICOLE S.A. ANNOUNCES THE LAUNCH
OF A CONSENT SOLICITATION AND THE CONVENING OF A MEETING OF THE
NOTEHOLDERS OF ITS
EUR 2,000,000,000 Subordinated 2.625 per
cent. Notes due 17 March 2027 (the “Notes”)
(ISIN: XS1204154410)
TO OBTAIN THEIR APPROVAL FOR THE
INCLUSION OF A CONTRACTUAL RECOGNITION OF BAIL-IN CLAUSE MEETING
THE EUROPEAN REGULATORY REQUIREMENTS IN THE TERMS AND CONDITIONS OF
THE NOTES
Crédit Agricole S.A. (the
“Company”) today announces the launch of a consent
solicitation and the convening of a meeting of the Noteholders (the
“Meeting of the Noteholders”) of the Notes
described above, to invite Noteholders to approve the inclusion of
a contractual recognition of bail-in clause to the terms and
conditions of the Notes.
The Meeting of the Noteholders will be convened
on December 11, 2023 (and in the absence of a quorum, an adjourned
meeting would be expected on January 3, 2024), at the time
indicated below, at the offices of Linklaters LLP, One Silk Street,
London EC2Y 8HQ, London, United Kingdom]:
Time of meeting on December 11, 2023 (initial
meeting):
- Meeting of the Noteholders: 11:00
am (London time);
Time of the meeting on January 3, 2024
(adjourned meeting if applicable):
- Meeting of the Noteholders: 11:00
am (London time);
The notice of the Meeting of the Noteholders
(initial meeting) is attached to this press release.
The Company is undertaking the consent
solicitation in order to bring the terms and conditions of the
Notes into compliance with the regulatory capital criteria of
Regulation (EU) No 575/2013, as amended (the
“CRR”) for Tier 2 instruments and the Single
Resolution Board (the “SRB”) policy under the
Banking Package for Minimum Requirement for Own Funds and Eligible
Liabilities published on May 20, 2020 and last updated on May 15,
2023 (the “MREL Policy”) ahead of the end of the
grandfathering period on June 28, 2025. In its MREL policy the SRB
has confirmed that the Article 55(1) requirement also applies to
Tier 2 instruments governed by the law of a third country.
The Meeting of the Noteholders is convened to
invite the Noteholders to vote on the inclusion, in the terms and
conditions of the Notes, of a contractual recognition of bail-in
clause containing provisions that satisfy in full the requirements
laid down in Article 44 (Contents of the contractual term required
by Article 55(1) of Directive 2014/59/EU) of Commission Delegated
Regulation (EU) 2016/1075 of 23 March 2016 (as amended) as detailed
in the notice of meeting.
The terms and conditions of the consent
solicitation are set out in a consent solicitation memorandum dated
10 November 2023 made available to the Noteholders (the
“Consent Solicitation Memorandum”), and the notice
of the Meeting of the Noteholders, distributed to the Noteholders
of the Notes in the manner specified in the terms and conditions of
the Notes.
If the resolution set out in the notice is
passed at the Meeting of the Noteholders on the initial or
adjourned meeting, and subject to satisfaction of the conditions
set out in the Consent Solicitation Memorandum, the Company will
pay:
-
Early Consent Fee: a cash amount in euros equal to
0.25% of the aggregate principal amount of the Notes for which the
relevant Noteholder has validly submitted a Consent Instruction,
which is not validly revoked in accordance with the terms of the
Consent Solicitation Memorandum and which is delivered to and
received by the information and tabulation agent, before 4.00 p.m.
(London time) on November 23, 2023 (the “Early Consent
Deadline”), and
-
Consent Fee: a cash amount in euros equal to 0.10%
of the aggregate principal amount of the Notes for which the
relevant Noteholder has validly submitted a Consent Instruction,
which is not validly revoked in accordance with the terms of the
Consent Solicitation Memorandum and is delivered to and received by
the information and tabulation agent after 4.00 p.m. (London time)
on November 23 2023 but before 4.00 p.m. (London time) on December
6, 2023 (“the Expiration Deadline”),
it being specified that under no circumstances
will Noteholders be eligible to receive both the Early Consent Fee
and the Consent Fee.
For more information on Crédit Agricole S.A.,
please visit its website:
https://www.credit-agricole.com/en/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.
This press release does not and shall not under
any circumstances constitute an offer of securities 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 contained
herein.
CRÉDIT AGRICOLE S.A. PRESS CONTACT
Alexandre
Barat + 33 1 57 72
12
19 alexandre.barat@credit-agricole-sa.frOlivier
Tassain + 33 1 43 23
25
41 olivier.tassain@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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Groupe Crédit
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ANNEX 1
Notice of Meeting of the Noteholders
- CASA Consent Solicitation - Press Release Launch
Credit Agricole (BIT:1ACA)
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De Août 2024 à Sept 2024
Credit Agricole (BIT:1ACA)
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