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Axa - Notice of Noteholder Meetings - Results (XS Offer) - LIBOR

NOTICE OF SEPARATE NOTEHOLDER MEETINGS RESULTS


28 APRIL 2023


Full announcement including disclaimers and offer restrictions available via luxse


"Results of Meetings of the Series 41 Notes and the Series 16 Notes


NOTICE IS HEREBY GIVEN to:


(a) the holders of the Series 41 Notes that:


(i) (A) at the Meeting in respect of the Series 41 Notes, the necessary quorum was achieved, the Extraordinary Resolution was passed and the Eligibility Condition was satisfied; (B) the relevant Supplemental Agency Agreement has been executed and delivered by the Issuer, the Principal Paying Agent and the other parties thereto, today, 28 April 2023; and (C) the modifications to the Conditions of, and the transaction documents for, the Series 41 Notes described in the Consent Solicitation Memorandum have been implemented with effect from today, 28 April 2023; and


(ii) the Reference Rate Adjustment in respect of the Series 41 Notes is 0.26161 per cent. per annum; and


(b) the holders of the Series 16 Notes that the Meeting in respect of the Series 16 Notes was adjourned due to lack of quorum and that an adjourned Meeting of the holders of the Series 16 Notes will be convened by the Issuer by a separate notice of adjourned meeting, to be dated on or around the date of this announcement, for the purpose of considering and if thought fit, passing the resolution set out therein, in respect of the Series 16 Notes."

 

NOTICE OF SEPARATE NOTEHOLDER MEETINGS


28 MARCH 2023


Full announcement including disclaimers and offer restrictions available via AXA


NOTICE OF SEPARATE NOTEHOLDER MEETINGS

to the holders of the


USD1,000,000,000 Fixed to Floating Rate Subordinated Notes due 2047 (ISIN: XS1550938978) (the “Series 41 Notes”)


USD225,000,000 Undated Subordinated Callable Floating Rate Notes (ISIN: XS0185672291) (the “Series 16 Notes”)


(each a “Series” and, together, the “Notes”)


of the Issuer presently outstanding.

...


"BACKGROUND


Status of USD LIBOR


The UK Financial Conduct Authority (the “FCA”) announced on 5 March 2021 (the “FCA’s 5 March 2021 Announcement”) that all London Inter Bank Offered Rate (“LIBOR”) settings will either cease to be provided by any administrator or no longer be representative of the underlying market and economic reality (and that representativeness will not be restored) immediately after (i) 31 December 2021, in the case of all sterling, euro, Japanese Yen and Swiss Franc, and the one week and two-month USD LIBOR settings, or (ii) 30 June 2023, in the case of the remaining USD LIBOR settings. Regulators have continued to urge market participants to take active steps to implement the transition to SOFR and other risk-free rates ahead of the applicable USD LIBOR cessation date."


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