Crédit Agricole in $2.5 Billion Offering

Cleary Gottlieb represented Crédit Agricole S.A. (Crédit Agricole) in an offering of $1.25 billion aggregate principal amount of senior preferred fixed-rate notes due July 5, 2026, $500 million aggregate principal amount of senior preferred floating-rate notes due July 5, 2026, and $750 million aggregate principal amount of senior preferred fixed rate notes due July 5, 2033, pursuant to its U.S. medium-term note program.

The notes were offered for sale in the United States to qualified institutional buyers under Rule 144A and outside of the United States under Regulation S of the Securities Act of 1933. The managers for the offering were Credit Agricole Securities (USA) Inc., BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and SMBC Nikko Securities America Inc. The transaction priced on June 27, 2023, and closed on July 5, 2023.

Crédit Agricole is the lead bank of the Crédit Agricole group, which is the largest banking group in France, and one of the largest in the world.