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Allen & Overy advises the joint lead managers on AXA's first issue of Restricted Tier 1 Notes for a total nominal amount of EUR1.5 billion
The initial fixed rate has been set at 6.375% per annum until the first reset date (on January 16, 2034), when the interest rate will reset and every five years thereafter at the prevailing Euro 5-year Mid Swap rate plus a margin of 384.1 basis points.
The issue meets the eligibility criteria for Restricted Tier 1 under Solvency II and is part of AXA Group’s funding plan for 2024. The net proceeds will be used for general corporate purposes of the Group, including the refinancing of part of the AXA Group’s outstanding debt.
The banking syndicate comprised Bank of America, BNP Paribas, Citi, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe and J.P. Morgan SE.
The Allen & Overy team in Paris was composed of partner Julien Sébastien, counsel Soline Louvigny and senior associate Lorraine Miramond on the French capital markets law aspects, partner Mathieu Vignon and senior associate Virgnie Chatté on tax aspects.
The Allen & Overy team in London comprised partner Tom Grant, senior associate Michael Hossack and associate Naeem Patel on the English capital markets law aspects.
This content was originally published by Allen & Overy before the A&O Shearman merger
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