SCOR Successfully Places EUR 500 Million Restricted Tier 1 Notes

SCOR SE has announced the successful placement of EUR 500 million in perpetual fixed-rate resettable Restricted Tier 1 notes with institutional investors. These notes qualify as Restricted Tier 1 regulatory capital under Solvency II. Demand was strong, with subscription reaching 5.6 times the issuance.

The initial fixed interest rate is set at 6% per annum, payable semi-annually until December 20, 2034. After this, the interest rate will reset every five years based on the prevailing EUR 5-year mid-swap rate plus a margin of 385.7 basis points.

The notes include a loss-absorption mechanism and are rated BBB+ by S&P Global Ratings Europe. Proceeds from the issue will be used for general corporate purposes, including repurchasing existing subordinated notes. The settlement is expected on December 20, 2024, with application for trading on the Luxembourg Stock Exchange.