Crédit Agricole Assurances announces the success of its previously launched Tender Offers, their Final Acceptance Amount and the Final Results

October 24 2023

Crédit Agricole Assurances announces today:

This repurchase of 500,000,00 euros in nominal value of subordinated debt currently benefiting from a grandfathering clause, which follows the issue of 500,000,000 euros in Tier 2 debt maturing in 2033, enables Crédit Agricole Assurances to spread the maturity profile of its debt and is in line with its policy of active capital management.

On 16 October 2023, Crédit Agricole Assurances invited the holders of the Notes (the “Holders“) to tender their Notes for purchase by Crédit Agricole Assurances in accordance with the terms and conditions set out in the Tender Offer Memorandum. The two series of Notes concerned by the Tender Offers are undated subordinated notes issued in 2014 and 2015 by Crédit Agricole Assurances, currently benefiting from a grandfathering clause, with an outstanding principal amount of 1 billion euros (ISIN FR0012444750) and 750 million euros (ISIN FR0012222297) respectively, bearing interest at fixed annual rates of 4.25% and 4.5% resettable respectively on 13 January and 14 October 2025.

The Tender Offers expired on 23 October 2023 at 4:00 p.m. Central European Summer Time (the “Expiration Date“). In accordance with the terms and conditions of the Tender Offer Memorandum, no Notes tendered after the Expiration Date will be eligible for purchase by Crédit Agricole Assurances under its Tender Offers.

Final Acceptance Amount

Crédit Agricole Assurances announces today that it has set the final acceptance amount of its Tender Offers (the “Final Acceptance Amount“) at 500,000,000 euros, which is equal to the maximum tender amount of 500,000,000 euros previously announced.

Final Results

The Notes validly tendered on or prior to the Expiration Date represent an aggregate nominal amount of 803,300,000 euros for the two series of Notes (the “Validly Tendered Amount“). As the Validly Tendered Amount across the two series of Notes exceeds the Final Acceptance Amount across the two series of Notes, Crédit Agricole Assurances has prorated such amount in accordance with the terms set out in the Tender Offer Memorandum.

The Tender Offers are expected to be settled on 26 October 2023, on which date Crédit Agricole Assurances will deposit with Euroclear, Clearstream or Euroclear France (as the case may be), the amount necessary to pay the Purchase Price plus accrued interest to the relevant Holders.

The tendered Notes will be cancelled by Crédit Agricole Assurances immediately following settlement of the Tender Offers.

For further details on the terms and conditions of the Tender Offers, please refer to the Tender Offer Memorandum.

Uptevia acts as Tender and Information Agent in connection with the Tender Offers. Holders eligible to participate in the Tender Offers may direct any questions regarding the procedures for tendering their Notes to Uptevia and request from Uptevia to provide them with a copy of the Tender Offer Memorandum by telephone at +33 (1) 57 78 11 57 or by email at sylvie.benacom@uptevia.com or at CT-service-ost@uptevia.com.

Crédit Agricole Assurances is rated A-/stable outlook by Standard & Poor’s

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24 October 2023