White & Case advises Natixis on CARAC’s €300 million inaugural Tier 2 issuance

Global law firm White & Case LLP has advised Natixis, as global coordinator and sole bookrunner, on Mutuelle d'Epargne, de Retraite et de Prévoyance CARAC's (CARAC) €300 million inaugural fixed to floating subordinated Tier 2 Notes placed with French and international institutional investors.

The subordinated notes constitute Tier 2 own funds within the meaning of the Solvency II requirements, bearing a fixed rate until February 5, 2036 and then a floating rate corresponding to the three-month Euribor plus a margin until the maturity date set at February 5, 2046. They can be called during a six-month period starting in August 2035 and on any interest payment date thereafter subject to prior approval of the relevant supervisory authority.

The order book reached €6 billion, with the participation of more than 270 investors.

CARAC is a French savings, retirement and personal protection mutual, a non-profit private legal entity, primary purpose of which is to provide insurance and savings solutions in the collective interest of its members. The CARAC group represents €20 billion in assets under management on behalf of 400,000 members and customers and consists of CARAC, SELENCIA and Atream.

The White & Case team in Paris which advised on the transaction was led by partner Grégoire Karila and included associate Romain Bruno.

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