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AXA solicits noteholder consents to replace Libor for three note series
By Wendy Van Sickle
Columbus, Ohio, March 28 – AXA is soliciting consents from holders of its $750 million series B fixed-to-floating-rate undated deeply subordinated notes, its $1 billion series 41 fixed-to-floating-rate subordinated notes due 2047 and its $225 million series 16 undated subordinated callable floating-rate notes, according to company notices.
The issuer will hold a series of meetings via teleconference on April 28 for bondholders to consider and vote on extraordinary resolutions for each series that would replace Libor.
The meetings will be held at 5 a.m. ET for the series B notes (ISIN: US054536AC14), 5:15 a.m. ET for the series 41 notes (ISIN: XS1550938978) and 5:30 a.m. ET for the series 16 notes (ISIN: XS0185672291).
For the series B and series 41 notes, the interest rate from the first call date would be changed to a U.S.-dollar SOFR index average plus a reference rate adjustment plus the applicable margin, which will not be changed.
For the series 16 notes, the interest rate from Aug. 7 would be changed to a U.S.-dollar SOFR-linked mid-swap rate plus a reference rate adjustment plus the applicable margin, which will not be changed.
The quorum required at each meeting is one or more person representing at least two-thirds of the principal amount of the notes outstanding, and the extraordinary resolutions each require a 75% majority of the votes cast at the meeting.
J.P. Morgan SE (liability_management_EMEA@jpmorgan.com) is the solicitation agent for the series 16 and 41 notes.
J.P. Morgan Securities LLC (866 834-4666 or JPM_LM@jpmorgan.com) is the solicitation agent for the series B notes.
D.F. King Ltd. (+44 20 7920 9700 or Axa@dfkingltd.com) is the information and tabulation agent for all series.
AXA is a Paris-based insurance company.
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