24Sep14

Press release

Group

SCOR successfully places CHF 125 million perpetual subordinated notes

SCOR has successfully placed perpetual subordinated notes on the Swiss franc market in the amount of CHF 125 million. The net proceeds of the notes issue will be used for general corporate purposes.

Not for distribution in or into the U.S., Canada or Japan

 
SCOR has successfully placed perpetual subordinated notes on the Swiss franc market in the amount of CHF 125 million.
 
The net proceeds of the notes issue will be used for general corporate purposes. 
 
The coupon has been set to 3.375% (until 20 October 2020), and resets every 6 years at the prevailing 6-year CHF mid-swap rate + 3.0275%. 
 
The notes’ expected ratings are A- by Standard & Poor’s and A3 by Moody’s. 
 
Settlement is expected to take place on 20 October 2014. The proceeds from the notes are expected to be eligible for inclusion in SCOR’s solvency margin, in accordance with applicable rules and regulatory standards, and as equity credit in the rating agency capital models.
 
 
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "Following a successful Swiss franc subordinated debt issuance in 2013, this placement further demonstrates the attractiveness of the SCOR signature and the strong support of investors in the Swiss retail market.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com