Groupama exchanges 91% 2005 notes, 55% 2007 notes for new notes

By Toni Weeks

San Luis Obispo, Calif., May 22 - Groupama SA gave the results of its exchange offer for any and all of its undated senior subordinated notes issued in 2005 and a portion of its undated deeply subordinated notes issued in 2007.

In the exchange offer, which began May 7, the company offered to exchange the notes for new undated senior subordinated notes.

According to a press release, 91% of the 2005 notes and the maximum amount offered, which was 55%, of the 2007 notes were exchanged by noteholders.

The purpose of the exchange offer was to extend the average maturity of the group's liability profile and to reinforce its financial flexibility, the release said.

The insurance and banking group is based in Paris.

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