Credit Agricole in Perpetual Notes Tender Offer

April 14, 2020

Cleary Gottlieb represented Crédit Agricole S.A. (Crédit Agricole) in an offer to purchase any and all of its USD 6.637% undated deeply subordinated notes and a capped tender offer to purchase its EUR CMS floater undated deeply subordinated notes, subject to a maximum tender amount equal to €300 million minus the euro equivalent of the amount purchased in the USD offer.

The transactions were launched on April 2, 2020, and the tender periods expired on April 8, 2020. An aggregate principal amount of $25.91 million was accepted for purchase in the USD offer, which settled on April 13, 2020, and an aggregate principal amount of €67.63 million was accepted for purchased in the EUR offer, which settled on April 14, 2020. Crédit Agricole Corporate and Investment Bank acted as dealer manager in both tender offers.

The notes subject to the USD offer and EUR offer are outstanding hybrid capital notes, which constitute Tier 1 notes. The purpose of the tender offers is to allow Crédit Agricole and the Crédit Agricole Group to optimize its capital base and debt management while offering liquidity to investors. The tender offers have been approved by the European Central Bank.