from ACM
Groupe des Assurances du Crédit Mutuel (GACM) successfully issued €1 billion of bonds on the market
Strasbourg, April 23, 2024
Not for distribution in the United States of America
Groupe des Assurances du Crédit Mutuel (GACM) successfully issued €1 billion of bonds on the market
Groupe des Assurances du Crédit Mutuel successfully placed a double-tranche issue of €1 billion on the market, consisting of:
§ €500 million of Tier 2 subordinated bonds with a 20.5-year maturity and a 10.5-year call option, carrying interest at the fixed annual rate of 5.00% until the first reset date;
§ €500 million of senior unsecured bonds with a 5-year maturity, bearing interest at the fixed annual rate of 3.75%.
The bonds are to be rated by Moody’s, with an expected rating of Baa1 for Tier 2 bonds and A3 for senior bonds. Their admission to trading on the Euronext Growth Paris market has been requested, as of the settlement date scheduled for April 30, 2024.
The operation, aimed at optimizing the capital structure of the GACM and the Crédit mutuel group, met strong investor demand, reflecting the credit quality of GACM.
Natixis acted as structuring advisor and global coordinator, and Natixis, CIC, J.P. Morgan and BNP Paribas acted as joint bookrunners on this transaction.
Disclaimer
This announcement does not constitute an invitation to participate in issuance of the notes in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.
The notes may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. Person.
Press contact:
investorrelations@acm.fr
About Assurances du Crédit Mutuel
Since 1971, Assurances du Crédit Mutuel has been devising, designing and steering the offers and services behind the development of the insurance activity of Crédit Mutuel Alliance Fédérale, the inventor of the bankinsurance concept. Operating in the P&C and protection insurance, as well as savings and retirement insurance markets, Assurances du Crédit Mutuel proposes innovative solutions for its more than 13 million policyholders (individuals, professionals, businesses and associations) nationwide, through the participating Crédit Mutuel federations and CIC networks.