AXA issued an “any and all” exchange offer to holders of its euro denominated Series 21 and 26, and sterling denominated Series 22 and 27, undated deeply subordinated notes on October 29.
The old notes will be swapped into one new undated euro note with its first call date on November 7, 2024, and one new undated sterling note with its first call date on March 4, 2026.
The euro notes will carry a minimum spread of 290bp over mid-swaps, while the sterling notes will carry a minimum spread of 300bp over mid-swaps, AXA revealed in a notice to the Luxembourg Stock Exchange on Monday morning.
Holders of the French group’s €1bn Series 21 notes will be paid an exchange premium of 6.75%, its €750m Series 26 notes a premium of 12%, its £500m Series 22 notes a premium of 5%, and its £700m Series 27 notes a premium of 9.25%.
AXA said the offer was part of the “active management of its refinancing program aiming to ensure adequate visibility and optimum terms for the renewal of its outstanding debt maturing in the coming years”.
The offer expires at 4pm Paris time on November 5, with pricing scheduled for around 10.30am the morning after.
BNP Paribas and HSBC are structuring advisors and global coordinators on the exchange, while Commerzbank, Crédit Agricole, Deutsche Bank, Natixis and Société Générale join them on the dealer manager roster.