Crédit Agricole S.A. Announces Results of its Tender Offer for USD Perpetual Notes
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF OFFERS TO SELL ANY SECURITIES.
Montrouge 9 September 2025
Crédit Agricole S.A. Announces Results of its Tender Offer for USD Perpetual Notes
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Crédit Agricole S.A. (the “Company”) today announced the results of its offer launched on 2 September 2025 to purchase for cash any and all of its outstanding USD 8.125% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “USD Notes”) (the “USD Notes Offer”).
The USD Notes Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated 2 September 2025 (the “Offer to Purchase”).
The USD Notes Offer expired at 5:00 p.m., New York City time/11:00 p.m., Central European Summer time, on 8 September 2025 (the “Expiration Date”).
The table below sets forth information with respect to the aggregate principal amount of USD Notes that were validly tendered (including pursuant to the Guaranteed Delivery Procedures) and not validly withdrawn at or prior to the Expiration Date.
| Title of Notes | CUSIP / ISIN No. | Offer Price(1) | Principal Amount Tendered and Accepted | Principal Amount Outstanding after the USD Notes Offer |
| USD 8.125% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “USD Notes”) | CUSIP: 225313 AJ4 (Rule 144A) / F2R125 CD5 (Reg S) ISIN: US225313AJ46 (Rule 144A) / USF2R125CD54 (Reg S) | USD1,011.25 | USD796,068,000(2) | USD453,932,000 |
(1) Per USD1,000 in principal amount of USD Notes purchased pursuant to the USD Notes Offer.
(2) Including USD3,757,000 in principal amount of USD Notes tendered pursuant to the guaranteed delivery procedures, for which the delivery of USD Notes must be made no later than 5:00 p.m., New York City time/11:00 p.m., Central European Summer time, on 10 September 2025.
Subject to the delivery of the USD Notes tendered pursuant to the Guaranteed Delivery Procedures, the Company has accepted for purchase all USD Notes that were validly tendered pursuant to the USD Notes Offer in an aggregate principal amount of USD796,068,000 for an aggregate consideration of USD805,023,765 plus Accrued Interest.
Subject to the satisfaction or waiver of the conditions described in the Offer to Purchase (including the settlement of the proposed issuance of the New Notes, which priced on 2 September 2025), payment for the USD Notes validly tendered and accepted for purchase, and any applicable Accrued Interest, is expected to be made on 11 September 2025.
The Company expects to separately publish later today an announcement in respect of the results of its offer to purchase for cash any and all of its outstanding GBP 7.500% Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “GBP Notes”), which was also launched on 2 September 2025 (the “GBP Notes Offer”, and together with the USD Notes Offer, the “Offers”).
For further details about the terms and conditions of the Offers, please refer to the Offer to Purchase. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Offer to Purchase.
Further Information
Copies of the Offer to Purchase and other documentation are available at .
Questions and requests for assistance in connection with the Offers may be directed to:
| Structuring Bank and Dealer Manager for the USD Notes Offer and the GBP Notes Offer |
| Crédit Agricole Corporate and Investment Bank 12, place des États Unis, CS 70052 92547 Montrouge Cedex France Attn: Liability Management Tel: 3 Email: Credit Agricole Securities (USA) Inc. Attn: Debt Capital Markets/Liability Management 1301 Avenue of the Americas New York, New York 10019 United States Collect: +1 (212) 261-7802 U.S. Toll Free: +1 (866) 807-6030 |
| Dealer Manager for the GBP Notes Offer |
| NatWest Markets N.V. Claude Debussylaan 94 Amsterdam 1082 MD The Netherlands Attn: Liability Management Tel: 2 Email: NatWest Markets Securities Inc. 600 Washington Boulevard Stamford, Connecticut 060901 United States Tel: +1 (203) 897 6166 U.S. Toll Free: +1 (800) 231-5380 |
Questions and requests for assistance in connection with the Offers, including requests for a copy of the Offer to Purchase, may be directed to:
The Information and Tender Agent for the Offers
D.F. King & Co., Inc.
| New York 28 Liberty Street, 53rd Floor New York, NY 10005 United States Toll free: +1 (888) 605-1956 | London 51 Lime Street London, EC3M 7DQ United Kingdom Tel: 0 |
Email:
Disclaimer
This announcement is not an offer to purchase or a solicitation of offers to sell any securities and does not constitute an offer or solicitation to purchase or subscribe for any securities (including the New Notes) in the United States, Canada, Australia or Japan, or in any state or jurisdiction where such an offer or solicitation would be unlawful in the absence of registration or approval under the laws of that state or jurisdiction. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
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