Crédit Lyonnais in Successful Consent Solicitation

November 15, 2021

Cleary Gottlieb advised Crédit Lyonnais in connection with a successful consent solicitation from holders of outstanding legacy Undated Participating Notes (Titres Participatifs) issued in 1984 and Undated Subordinated Notes (Titres Subordonnés à Durée Indéterminée) issued in 1985.

The purpose of the consent solicitation was to include in the terms and conditions of these notes an early redemption option at par to allow Crédit Lyonnais to redeem these notes early, as they will lose the benefit of the grandfathering clause that allowed them to be recognized as Tier 2 capital as of January 1, 2022.

The consent solicitation was launched on October 25, 2021, and terminated on November 15, 2021. The noteholders approved the amended terms and conditions of the notes on first convocation. Consequently, Crédit Lyonnais decided to redeem all notes as soon as November 26, 2021.

In this context, Cleary Gottlieb also advised Crédit Lyonnais in connection with the early redemption of its outstanding legacy Undated Subordinated Notes issued in 1987, which should occur on January 5, 2022 in accordance with the terms and conditions of such notes.

Crédit Lyonnais is a subsidiary of Crédit Agricole S.A. and is one of the largest retail banks in France, serving 6 million individual customers including 214,000 private banking customers, 342,000 professionals, and 29,500 corporate and institutional clients.