24May16

Press release

Group

SCOR successfully places EUR 500 million dated subordinated notes

SCOR has successfully placed a dated subordinated notes issue on the Euro market in the amount of EUR 500 million.

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

 
SCOR has successfully placed a dated subordinated notes issue on the Euro market in the amount of EUR 500 million.
 
It is currently SCOR’s intention to use the proceeds for general corporate purposes. Moreover, SCOR confirms its current intention, subject to market conditions, to redeem the balance of the EUR 350 million and CHF 650 million undated subordinated note lines, callable in July and August 2016 respectively, using the proceeds of the EUR 250 million and EUR 600 million subordinated notes issues of 2014 and 2015 respectively.
 
The coupon has been set to 3.625% (until 27 May 2028 first call date), and resets every 10 years at the prevailing 10 years EUR mid-swap rate + 3.90%. The 32NC12 notes mature on 27 May 2048.
 
The notes are expected to be rated A by Standard & Poor’s and A- by Fitch. 
 
Settlement is expected to take place on 27 May 2016. The proceeds from the notes are expected to be eligible for inclusion in SCOR’s regulatory capital, 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: "With this new successful placement on the Euro market, SCOR continues to benefit from exceptional market conditions in a low yield environment. Following the successful EUR 600 million placement in December 2015, this new placement reconfirms the high level of confidence enjoyed by the Group in the credit market. This debt placement enables us to secure attractive long-term financing to further optimize SCOR financial structure and support the future organic growth of the Group.
 
 
 

Notice 

This announcement is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities, nor do the transactions contemplated herein constitute a public offering, in any jurisdiction. 
Release, publication or distribution of this press release is forbidden in any country where it would violate applicable laws or regulations.
 

United States of America

This press release is not an offer of notes for sale in the United States. The notes may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. SCOR does not intend to register any part of the offering in the United States, nor does it intend to launch a public offering in the United States.

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