Sogecap successfully issued EUR 800 million of restricted Tier 1 notes
Following the recent launch of the tender offer for its undated fixed to fixed reset rate subordinated notes issued on 18 December 2014[1], Sogecap, Societe Generale group life insurance company, announces that it has:
successfully placed a EUR 800 million new issue of restricted Tier 1 perpetual notes, with an initial fixed rate of 6.250%[2] resetting in 2036,
set the maximum acceptance amount[3] of its tender offer at EUR 800 million.
The purpose of these transactions is to manage proactively the own funds of Sogecap.
The new issue has been structured to qualify for Tier 1 capital under the Solvency II regulation.
The transaction was 4.25 times oversubscribed by a diversified investor base, reflecting Sogecap’s credit quality, rated A- by Standard & Poor’s (S&P).
The new notes have been rated BBB- by S&P and the settlement is expected to take place on 8 July 2025.
The results of the tender offer launched on 30 June, which will end at 4.00 p.m. Paris Time on 7 July 2025 unless extended, withdrawn, amended, re-opened or terminated by Sogecap, will be announced on 8 July 2025.
Press contact:
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
[1] ISIN FR0012383982.
[2] Fixed interest rate of 6.250% per annum payable semi-annually in arrears (corresponding to a fixed interest rate of 6.348% on an annualised basis).
[3] The "Maximum Acceptance Amount": the equivalent of up to the aggregate nominal amount of the new notes. Sogecap may increase or decrease it at its sole and absolute discretion.
Information about the tender offer
The terms and conditions of the tender offer are set out in the document entitled “Tender Offer Memorandum” dated 30 June 2025.
Further information concerning the Tender Offer is available on: https://deals.is.kroll.com/sogecap.
Disclaimer
This press release constitutes a public disclosure of inside information pursuant to Regulation (EU) No. 596/2014, as amended.
This information does not constitute an invitation to participate in the Tender Offer or the issue of the New Notes in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.
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