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Ethias SA - Tender Offer (Any and all) - Launch - BE

AXA announces Cash Tender Offer for its outstanding £750,000,000 Fixed to Floating Rate Subordinated Notes due 2054


24 APRIL 2023


Full announcement including disclaimers and offer restrictions available via Luxse


24 April 2023. Ethias SA (the “Offeror”) announces today an invitation to holders of its outstanding €402,700,000 5.00 per cent. Dated Subordinated Notes due 2026 (ISIN: BE6279619330) (the “Notes”) to tender such Notes for purchase by the Offeror for cash (such invitation, the “Offer”).


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Summary of the Offer


A summary of certain of the terms of the Offer appears below:


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"Rationale for the Offer


The purpose of the Offer and planned issuance of the New Notes (as defined below) is to proactively manage the Offeror’s capital structure. The Offer also provides Holders with the opportunity to sell their current holdings in the Notes and apply for priority in the allocation of the New Notes.


As mentioned below in “New Issue Condition”, it is the intention of the Offeror to issue concurrently with the Offer a series of new euro-denominated callable fixed rate dated subordinated notes (the “New Notes”) for an aggregate amount of up to €250,000,000.


Holders should note that the Offeror is not obliged to allocate any New Notes to a Holder that has validly tendered or indicated a firm intention to tender its Notes for purchasepursuant to the Offer and, if any such New Notes are allocated, the principal amount thereof may be less or more than the principal amount of Notes tendered by such Holderand accepted for purchase by the Offerorpursuant to the Offer.

Notes purchased by the Offeror pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold."


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