19Jul06

Press release

Group

Successful completion of a EUR 350 million subordinated debt issue as part of the Revios acquisition

The EUR 350 million deeply subordinated bond issue launched today by SCOR, as part of the financing of the Revios acquisition, has been a great success.

The EUR 350 million deeply subordinated bond issue launched today by SCOR, as part of the financing of the Revios acquisition, has been a great success.
 
This issue of deeply subordinated perpetual bonds (Tier 1) was more than two times oversubscribed by 70 institutional investors from 12 different countries. The book-building was completed in less than four hours.
 
The coupon for the bond is 6.154%, representing 190 basis points above the reference rate (MID SWAP).
 
The strong market demand that has enabled SCOR to achieve these conditions bears witness to the quality of the SCOR group’s credit, as well as to the confidence of investors in the Group’s long-term strategic positioning.
 
With this transaction, SCOR has completed the first stage of the financing plan determined as part of the Revios acquisition, which was announced on 5 July 2006. The financing of the remaining EUR 300 million will be achieved through a capital increase, which the Group will carry out by the end of 2006. 

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