AXA announced the successful placement of USD 850 million undated subordinated notes
AXA announced today the successful placement, notably to Asian investors, of USD 850 million of Reg S 4.5% undated subordinated notes to refinance, in advance, part of its outstanding debt.
Settlement of the notes is expected to take place on September 15, 2016.
The notes have been swapped into Euro.
The notes will be treated as capital from a regulatory and rating agencies’ perspective within applicable limits. The transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.
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