White & Case Advises MACIF on €1.75 Billion Subordinated Debt Issuance to finance the Aviva France acquisition

Global law firm White & Case LLP has advised MACIF, Aéma Groupe's affiliate, on 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.

White & Case is also advising Aéma Groupe on the acquisition of Aviva France.

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

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