MACIF’s €1,75 Billion Debt Issuance

White & Case LLP has advised MACIF on the deal. Allen & Overy Paris advised Credit Suisse, HSBC, Natixis, BBVA, BNP Paribas, ING, J.P. Morgan, RBC Capital Markets and Société Générale Corporate & Investment Banking.

MACIF, Aéma Groupe’s affiliate, executed its €1.75 billion multi-tranche issuance of subordinated debt to finance the acquisition of Aviva France.

The issuance comprises €400 million Perpetual Non-Call 2029 Restricted Tier 1 fixed resettable rate notes bearing interest at an initial fixed rate of 3.50%; €850 million 2052 Non-Call 2032 Tier 2 fixed to floating rate notes bearing interest at an initial fixed rate of 2.125%; €500 million 2027 Tier 3 notes bearing interest at a 0.625% fixed rate coupon.

With more than 400 investors participating in the multi-tranche transaction for a total book size of more than €12.1 billion, the transaction represents the first euro triple-tranche subordinated issuance by a European insurer.

Crédit Suisse is acting as Structuring Advisor and Global Coordinator, HSBC and Natixis are acting as Global Coordinators and BBVA, BNP Paribas, JP Morgan, ING, RBC and Société Générale are acting as Joint Lead Managers on this transaction.

MACIF (Mutuelle assurance des commerçants et industriels de France et des cadres et des salariés de l’industrie et du commerce) is a French mutual insurance company, founded in Niort in 1960.

The White & Case team in Paris which advised on the transaction was led by partner Grégoire Karila (Picture) and included partner of counsel Cenzi Gargaro and partners Marc Petitier and Emilie Rogey, and associates Mathieu Damnon, Edouard Le Breton and Yeram Kim.

The Allen & Overy team included Julien Sébastien, Lorraine Miramond, Laure Bellenger, Marc Ghorayeb and Marion Hébrard-Lemaire.

Involved fees earner: Laure Bellenger – Allen & Overy; Marc Ghorayeb – Allen & Overy; Marion Hébrard-Lemaire – Allen & Overy; Lorraine Miramond – Allen & Overy; Julien Sébastien – Allen & Overy; Mathieu Damnon – White & Case; Cenzi Gargaro – White & Case; Grégoire Karila – White & Case; Yeram Kim – White & Case; Edouard Le Breton – White & Case; Marc Petitier – White & Case; Emilie Rogey – White & Case;

Law Firms: Allen & Overy; White & Case;

Clients: BBVA Argentina (BBVA); BNP Paribas; Credit Suisse; HSBC; ING Bank; JP Morgan; Macif SA; Natixis; RBC Capital Markets; Société Générale Corporate & Investment Banking;

Author: Naoual Sadouqi

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