White & Case Advises Bank Syndicate on Refinancing of Groupama's Surbordinated Debt
Global law firm White & Case LLP has advised the bank syndicate comprising J.P. Morgan, as Sole Structuring Agent, and Citigroup, Crédit Agricole CIB, HSBC, Morgan Stanley and Société Générale, on Groupama's offer to exchange any and all of its €1 billion undated deeply subordinated notes issued in 2007 and a portion of its senior €750 million subordinated notes issued in 2009.
The exchange consideration comprised a combination of €533 million in principal amount of new senior subordinated notes due 2027 with an annual coupon of six percent and a cash rounding component. The aggregate principal amount of the new subordinated notes issued was €650 million, the balance being placed by the same bank syndicate with international institutional investors.
The new subordinated notes were structured to be eligible as Tier 2 capital under Solvency II. They were issued on January 23, 2017 and are admitted to trading on Euronext Paris.
The White & Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro, Séverin Robillard and Grégoire Karila, with support from associate Arthur de la Fage. Partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects.
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