Societe Generale ends consent offer for 4.875% subordinated notes

By Mary-Katherine Stinson

Lexington, Ky., June 14 – Societe Generale withdrew the consent solicitation covering its A$150 million of 4.875% subordinated notes due Oct. 13, 2026 (ISIN: XS1503159219), according to a notice.

No consent fee will be paid to noteholders who previously delivered consents pertaining to these notes.

Though no longer applicable to this series of notes, the company had indicated that the previously reported 0.25% early consent fee, payable to consenting noteholders from any series who provided written consent by the early voting deadline, was expected to be paid June 5.

Societe Generale announced that the June 16 meeting for the 2026 notes will proceed as scheduled but no extraordinary resolution will be proposed and results will not be announced.

As previously reported, the consent solicitation for the 2026 notes was launched on May 16 as a part of an offer covering six series of notes.

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

As previously reported, Societe Generale announced that meetings for this series of notes plus the $1 billion subordinated 4.25% notes due Aug. 19, 2026 (ISIN: US83368JKF65, USF43628C650), $500 million subordinated 5.625% notes due Nov. 24, 2045 (ISIN: US83367TBT51, USF8586CBU56 and $500 million 5.1% subordinated notes due June 27, 2036 would be held on June 16.

Two series of notes, the subordinated 4.25% notes due 2026 and subordinated 5.625% notes due 2045, received adequate written consent to approve the proposal from noteholders as of 5 p.m. ET on May 25.

According to a previous notice, Societe Generale received consents in favor from holders representing a majority consisting of more than 50% in aggregate principal amount of the outstanding notes, consequently deeming the proposal approved.

The meetings for the two approving series of notes will still be held, but the proposal will not be considered or voted on.

The expiration deadline or voting deadline was 11 a.m. ET on June 13, three days prior to the scheduled noteholder meetings.

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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