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AXA announced the successful placement of Euro 2 billion dated subordinated notes due 2049


Press Release

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March 22, 2018

published at 7:00 PM CET

AXA announced today the successful placement of Euro 2 billion of Reg S subordinated notes due 2049 to institutional investors. The net proceeds of the issue of the Notes will be used for the financing of part of AXA’s acquisition of XL Group Ltd.

The initial coupon has been set at 3.25% per annum. It will be fixed until the first call date in May 2029 and floating thereafter with a margin including a 100 basis points step-up.

Settlement of the notes is expected to take place on March 26, 2018.

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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