Media Relations
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SCOR SE (the “Company") announces the launch of a cash tender offer (the “Tender Offer”) to purchase its EUR 600,000,000 Fixed to Reset Rate Subordinated Notes due 8 June 2046 (ISIN: FR0013067196), issued on 7 December 2015, with a first call date on 8 June 2026 (of which EUR 600,000,000 are currently outstanding) (the “Existing Notes”). The Existing Notes are admitted to trading on the regulated market of the Luxembourg Stock Exchange. The Tender Offer is capped at a maximum acceptance amount of EUR 500,000,000 in aggregate principal amount, such amount being subject to the right of the Company to increase or decrease it at its sole and absolute discretion.
Simultaneously, the Company announces its intention to issue, subject to market conditions, new Euro- Fixed to Floating Rate Subordinated Notes, eligible as Tier 2 regulatory capital under Solvency II (the “New Notes”). The net proceeds of the issue of the New Notes will be used for general corporate purposes of the Group, including to finance the Tender Offer.
The Tender Offer is conditional upon the successful completion, in the Company’s sole determination, of the issue of the New Notes.
A mechanism of priority allocation in the New Notes may be applied, at the sole and absolute discretion of the Company, for holders of the Existing Notes who participate in the Tender Offer and wish to subscribe for the New Notes.
The Tender Offer will begin on 2 September 2025 and will end on 8 September 2025 at 5:00 p.m. (Paris time). The results of the Tender Offer will be announced as soon as reasonably practicable after the expiration of the Tender Offer.
The terms and conditions of the Tender Offer are further described in the Tender Offer Memorandum dated 2 September 2025.
The Tender Offer and the intended issuance of the New Notes are part of the Company's proactive management of its financing structure.
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