SCOR successfully places EUR 500 million subordinated notes maturing in 2056

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SCOR SE (the “Company”) has successfully completed the placement with institutional investors of EUR 500,000,000 Fixed to Floating Rate Subordinated Notes, maturing on 5 June 2056, and eligible as Tier 2 regulatory capital under Solvency II (the “Notes”). The transaction met a strong investor demand.

The initial fixed rate of 4.510% per annum will be payable annually in arrears until 5 June 2036 (inclusive). From that date, the Notes will bear interest at a variable rate (3-month EURIBOR + margin) payable quarterly in arrears on 5 September, 5 December, 5 March and 5 June of each year, commencing on 5 September 2036 (inclusive).

In accordance with Solvency II requirements, payment of interest on the Notes shall, in certain circumstances, be deferred.

The Notes are rated “A3” by Moody’s France SAS.

The estimated net proceeds of the issue of the Notes will be used for general corporate purposes of the Group, including to finance the concurrent tender offer for the EUR 250,000,000 Fixed to Reset Rate Subordinated Notes due 5 June 2047 (ISIN: FR0012770063), issued on 5 June 2015, with a first call date on 5 June 2027 and for the EUR 500,000,000 Fixed to Reset Rate Subordinated Notes due 27 May 2048 (ISIN: FR0013179314), issued on 27 May 2016, with a first call date on 27 May 2028 announced by the Company in a press release published on 27 May 2026.

The settlement of the Notes is expected to occur on 5 June 2026. Application will be made for the Notes to be admitted to trading on the Luxembourg Stock Exchange’s regulated market.

(Full press release available to download from the right sidebar)