French insurance and financial services giant AXA announced that it is launching the sale of $1.5 billion worth of subordinated notes “to provide AXA with resources to finance its growth.”
The securities, which are registered with the SEC, go on sale tomorrow in Europe and on November 27th in the U.S. Final terms will be announced “at the end of the marketing period,” said AXA’s announcement.
Issued in three “tranche,” the notes will carry a fixed rate 30 year maturity in U.S. dollars, and slightly different terms in Euros and Pounds Sterling.
AXA anticipates that they’ll be highly rated – A- by S&P, A2 by Moody’s and A by Fitch.
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