AXA prices, gives early results of tender offer for two series

By Marisa Wong

Los Angeles, Sept. 13 – AXA AS announced the early results of its 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 with a first call date on Dec. 14, 2036 (Cusip: 054536AC1, F0609NAQ1), according to a Tuesday press release.

AXA also announced pricing for the offer in a press release later in the day.

As of 5 p.m. ET on Sept. 12, the early tender time, holders had tendered $373,113,000 of the 2030 notes and $240.85 million of the undated notes.

The offeror has accepted the early tendered notes for purchase in full without any proration.

AXA calculated the total consideration for each $1,000 principal amount to be $1,237.52 for the 2030 notes and $1,118.27 for undated notes. The total consideration includes an early tender payment of $50 per $1,000 of notes tendered by the early tender time.

Holders tendering after the early tender time will not be eligible for the early tender payment. The tender offer consideration is $1,187.52 for the 2030 notes and $1,068.27 for the undated notes.

Pricing was 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 was determined at 10 a.m. ET on Sept. 13.

The company will also pay accrued interest to but excluding the applicable settlement date.

Settlement of the early tendered notes is expected to occur on Sept. 15.

The tender offers will expire at 11:59 p.m. ET on Sept. 26.

Final settlement is slated for Sept. 29.

Tenders may no longer be withdrawn.

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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