Davis Polk advised the joint lead managers in connection with the offering of $1.75 billion aggregate principal amount of 1.875% notes due 2019 by Dexia Crédit Local as issuer and the States of Belgium, France and Luxembourg as guarantors, under its $20 billion guaranteed U.S. medium-term note program.

Dexia Crédit Local is a French corporation and is a wholly owned subsidiary of Dexia SA. The Dexia Group is a European banking group that has operated historically in public sector financing and retail banking and has been managed in line with an orderly resolution plan since the end of 2011. Dexia SA, the Group’s parent company, is a Belgian law limited company, with its shares listed on NYSE Euronext Brussels and Paris as well as the Luxembourg Stock Exchange. At the end of 2012, the Belgian and French States participated in a reserved capital increase of Dexia SA and since this date have been the Group’s main shareholders.

The Davis Polk corporate team included partner Reuven B. Young and associate Bhupinder Grewal. Counsel Juliette Loget and associate Géraldine Fromage provided French law advice. Partner Simon Witty and European counsel John Taylor provided English law advice. Members of the Davis Polk team are based in the London and Paris offices.

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