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| Prospect News home > News index > List of issuers A > Headlines for AXA Asia Pacific Holdings Ltd. > News item |
AXA begins tender offers for up to $800 million notes from two series
By Marisa Wong
Los Angeles, Aug. 29 – AXA AS announced offers to purchase for cash up to $500 million of its outstanding $1.25 billion 8.6% subordinated notes due Dec. 15, 2030 (Cusip: 054536AA5) and up to $300 million of its outstanding $750 million series B fixed-to-floating rate undated deeply subordinated notes (Cusip: 054536AC1, F0609NAQ1), according to a Monday press release.
Pricing will be based on the 2.75% U.S. Treasury due Aug. 15, 2032 and a fixed spread of 160 basis points for the 2030 notes and 175 bps for the undated notes.
Pricing will be determined at 10 a.m. ET on Sept. 13.
The total consideration will include an early tender payment of $50 per $1,000 principal amount of notes tendered by 5 p.m. ET on Sept. 12, the early tender time.
Holders tendering after the early tender time will not be eligible for the early tender payment.
The company will also pay accrued interest to but excluding the applicable settlement date.
The tender offers will expire at 11:59 p.m. ET on Sept. 26.
Settlement of early tendered notes is expected to occur on Sept. 15, and final settlement is slated for Sept. 29.
Tenders may be withdrawn at any time prior to 5 p.m. ET on Sept. 12.
If the maximum tender amount is exceeded under any offer, notes may be subject to proration.
BofA Securities Europe SA (980 387-3907 or 888 292-0070; +33 1 87 70 10 57; DG.LM-EMEA@bofa.com) and J.P. Morgan Securities LLC (212 834-4045 or 866 834-4666; +44 20 7134 2468; liability_management_EMEA@jpmorgan.com) are dealer managers for the tender offers.
D.F. King (212 269-5550 for banks and brokers or 800 714-3306 for all others; +44 20 7920 9700; axa@dfkingltd.com; https://www.dfking.com/axa) is the information and tender agent.
AXA is a Paris-based insurance company.
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