SCOR successfully increases its recently placed perpetual subordinated notes by CHF 65 million to a cumulated issuance of CHF 315 million, following strong market demand
SCOR successfully increased the perpetual subordinated notes it recently placed on the Swiss market by CHF 65,000,000 on 24 September 2012. The strong market demand observed prompted the Group to extend its placements from CHF 250,000,000 to a total of CHF 315,000,000.
Not for distribution in or into the U.S., Canada or Japan
- The first call date is in June 2018.
- The coupon has been set to 5.25% (until 8 June 2018) and resets to 3-month CHF LIBOR plus a margin of 4.8167% thereafter.
- The notes’ expected ratings are A- / A3 (hyb) by Standard & Poor’s and Moody's, respectively.
- The settlement of the notes is expected to take place on 8 October 2012.
The proceeds from the notes are expected to be eligible for inclusion in SCOR’s solvency margin in accordance with the applicable rules and regulatory standards, and in the capital credit of the capital models of rating agencies.
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