Crédit Agricole in $2.5 Billion Offering

Cleary Gottlieb represented Crédit Agricole S.A. (Crédit Agricole) in an offering of $1 billion aggregate principal amount of senior non-preferred callable fixed- to floating-rate notes due 2030 and $1.5 billion aggregate principal amount of subordinated callable fixed- to floating-rate notes due 2035 pursuant to its U.S. medium-term note program.

The notes constitute MREL-eligible liabilities.

The notes were offered for sale in the United States to qualified institutional buyers under Rule 144A and outside of the United States under Regulation S of the Securities Act of 1933 and issued under the bank’s U.S. medium-term note program. The managers for the offering were Credit Agricole Securities (USA) Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and TD Securities (USA) LLC. The transaction priced on January 3, 2024, and closed on January 10, 2024.

Crédit Agricole is the lead bank of the Crédit Agricole group, which is the largest banking group in France, and one of the largest in the world.