A&O Shearman advises La Poste on tender offer and new issuance of deeply subordinated bonds

On January 7, 2025, La Poste announced the launch of a tender offer for its EUR750m undated deeply subordinated fixed rate resettable notes issued in 2018.

On January 9, 2025, La Poste placed an issuance of EUR750m undated non-call 6.5 year deeply subordinated fixed rate resettable notes. These bonds are listed on Euronext Paris.

The tender offer and the issuance of the new notes aim, among other things, to proactively manage the company’s layer of hybrid capital.

La Poste is a French state-owned public limited company with four public service missions: universal postal service, regional development, banking accessibility, and press transport and delivery.

The A&O Shearman team was composed of partner Julien Sébastien, counsel Soline Louvigny, senior associate Laure Bellenger, and associates Bianca Nitu and Hakima Gourari. Partner Mathieu Vignon and senior associate Virginie Chatté were involved on the tax aspects.