Global law firm White & Case LLP has advised AXA on its undated subordinated notes issue for a total amount of US$850 million.
The perpetual notes may be redeemed for the first time five years after their issue date, and bear interest at a fixed rate of 4.5 percent payable semi-annually.
The notes, which have been structured to be eligible as Tier 2 capital under Solvency II, will be subordinated to all senior obligations and dated subordinated obligations of AXA. They were issued on September 15, 2016 and are admitted to trading on the Luxembourg Stock Exchange.
The White & Case team in Paris which advised on the transaction was led by partner Séverin Robillard with support from associates Grégoire Karila, Petya Georgieva and Deborah Ngo Yogo II.
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