BNP Paribas Issues $750 Million Tier 1 Notes

December 14, 2016

Cleary Gottlieb acted as deal counsel in an offering by BNP Paribas of $750 million perpetual fixed-rate resettable additional Tier 1 notes.

The notes will count towards the bank’s regulatory capital requirements (core Tier 1).

The notes, which have no fixed maturity, will bear interest at a rate of 6.750 percent per annum from their date of issuance until March 14, 2022, the first call date.

The notes were placed in the United States pursuant to Rule 144A and outside the U.S. pursuant to Regulation S and are listed on Euronext Paris. The transaction priced on December 7, 2016, and closed on December 14, 2016. BNP Paribas Securities Corp. acted as sole bookrunner and global coordinator, leading an underwriting syndicate comprised of several international investment banks acting as joint lead managers.