Crédit Agricole S.A. to Repay $1.5 Billion in Senior Non-Preferred Bonds
Crédit Agricole S.A. announces the full repayment of its fixed-to-floating rate senior non-preferred bonds issued in January 2021, with a nominal amount of $1.5 billion, according to a group statement.
Details of the Repayment
Crédit Agricole S.A. will proceed with the repayment of the entirety of its senior non-preferred bonds issued on January 26, 2021, effective January 26, 2026, the company states. These securities, with a total nominal amount of $1,500,000,000, were issued under two distinct ISIN numbers according to the placement regimes: US22535WAH07 for the Rule 144A regime and US22536PAH47 for the Regulation S regime. The repayment will be carried out in accordance with clause 9(a) of the terms and conditions of the bonds, which allows the issuer to make an early repayment. Bondholders will receive the total nominal amount of the securities still outstanding, plus accrued interest until the repayment date.
Impact on Bondholders
As of the effective repayment date of January 26, 2026, the total amount due to the bondholders will become payable, the statement specifies. Each bond will cease to accrue interest from this date, unless the repayment amount is wrongfully withheld or refused, according to the terms of the group. Bondholders will receive a formal notification of the implementation of the repayment in accordance with the contractual conditions set out in the base offering memorandum dated April 8, 2020, supplemented by the pricing term sheet of January 19, 2021. This operation is part of the French banking institution's regular debt management.
Legal and Regulatory Considerations
The statement clarifies that this announcement does not constitute an offer to purchase or a solicitation of an offer to sell the bonds in the United States, Canada, Australia, Japan, or any other jurisdiction where such restrictions apply. Crédit Agricole S.A. indicates that no registration or approval actions have been undertaken in countries where such steps would be required. The group disclaims any liability in the event of a breach by third parties of legal and regulatory restrictions specific to certain jurisdictions. The issuer also emphasizes that this announcement is an advertising communication and that no prospectus will be published under the European Prospectus Regulation 2017/1129 for this repayment operation.
