Hybrid Debt Offering by COFACE

March 27, 2014

Cleary Gottlieb advised the managers, Banco Santander, BNP Paribas, Credit Suisse Securities, Natixis and The Royal Bank of Scotland, in a recent €380 million subordinated notes offering by COFACE bearing interest at an annual rate of 4.125% and due March 27, 2024. The notes are irrevocably and unconditionally guaranteed on a subordinated basis by the Compagnie française d’assurance pour le commerce extérieur, the operating company of the Coface Group, and are admitted to trading on the regulated market of Euronext Paris. The offering, consisting of a private placement in France, was launched and pricing conditions set on March 21, 2014. It closed on March 27, 2014.

Coface Group, a worldwide leader in credit insurance, provides solutions to companies around the world to help protect them against of the risk of their clients’ financial failure, on domestic and foreign markets.