Societe Generale seeks noteholder consents to add bail-in conditions

By Marisa Wong

Los Angeles, May 16 – Societe Generale has launched consent solicitations to amend several of its notes by way of written consent and meetings.

The issuer is seeking to introduce a contractual recognition of bail-in clause to the conditions of each of the relevant notes.

Under one consent solicitation, the issuer is seeking to amend the following:

• $1 billion subordinated 4.25% notes due Aug. 19, 2026 (ISIN: US83368JKF65, USF43628C650); and

• $500 million subordinated 5.625% notes due Nov. 24, 2045 (ISIN: US83367TBT51, USF8586CBU56).

Under other separate proposed written resolutions, the company is seeking to amend the following:

• ¥10 billion 2.5% subordinated notes due Dec. 16, 2026 (ISIN: XS1530901658); and

• $50 million 5.4% subordinated notes due July 23, 2035 (ISIN: XS1265349909).

In addition, Societe Generale issued a notice of meeting for each of the following:

• $500 million 5.1% subordinated notes due June 27, 2036; and

• A$150 million 4.875% subordinated notes due Oct. 13, 2026.

Meetings for the 4.25% notes due 2026, 5.625% notes due 2045, 5.1% dollar notes due 2036 and 4.875% notes due 2026 will be held on June 16. If necessary, adjourned meetings for any of those four series will be held on July 10.

The quorum required at each initial meeting will be one or more persons representing at least 50% of the principal amount of the notes outstanding.

The majority required at each meeting to pass the extraordinary resolution will be a majority of not less than 75% of the votes cast.

The company is offering a consent fee of 0.25% for all series.

The early consent deadline is at 11 a.m. ET on May 25.

The expiration deadline or voting deadline is 11 a.m. ET on June 13.

Societe Generale (+33 1 42 13 32 40; liability.management@sgcib.com) is the solicitation agent.

The fiscal and principal paying agent is Societe Generale Luxembourg SA.

The information and tabulation agent is D.F. King (212 269-5550 or 800 549-6697, +44 20 7920 9700, +852 3953 7208; SGCIB@dfkingltd.com; https://sites.dfkingltd.com/SGCIB).

The investment banking company is based in Paris.

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