02Dec15

Press release

Group

SCOR successfully places EUR 600 million dated subordinated notes

SCOR successfully places EUR 600 million dated subordinated notes, to refinance its CHF debt callable in August 2016.

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 600 million.
 
It is currently SCOR’s intention, subject to the evolution of market conditions and to prior regulatory approval, to refinance the 5.375% fixed to floating rate undated subordinated CHF 650 million notes callable in August 2016 through the proceeds of the notes. The proceeds may also be used for general corporate purposes.
 
The coupon has been set to 3.0% (until 8 June 2026), and resets every 10 years at the prevailing 10-year EUR mid-swap rate + 3.25%.
 
The notes are expected to be rated A by Standard & Poor’s and A- by Fitch. 
 
Settlement is expected to take place on 7 December 2015. 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: "With today’s successful placement on the Euro market, SCOR continues to benefit from exceptional market conditions in a low yield environment. Following the successful EUR 250 million placement last June, this new success underlines the high level of recognition enjoyed by the Group on the credit market. In line with the “Optimal Dynamics” strategic plan, this placement notably enables us to further optimize the Group’s financial structure.
 
 
United States of America
This press release is not an offer of the 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. Any public offering in the United States may only be made by means of a prospectus that may be obtained from the issuer containing detailed information about the issuer and its management, as well as its financial statements.

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