SCOR Launches a Tender Offer for 750 Million Euros of Subordinated Bonds
On Wednesday, reinsurer SCOR announced the launch of a cash tender offer for two series of subordinated bonds totaling 750 million EUR in circulation. This operation is accompanied by a planned issuance of new Tier 2 bonds intended to finance the repurchase.
A Targeted Offer on Two Series of Subordinated Bonds
SCOR proposes the repurchase of the entire 250 million EUR of the 2047 Bonds (ISIN: FR0012770063), issued in 2015 and maturing on June 5, 2047, as well as a portion of the 500 million EUR of the 2048 Bonds (ISIN: FR0013179314), issued in 2016 and maturing on May 27, 2048. These fixed-reset rate subordinated bonds are listed on the regulated market of the Luxembourg Stock Exchange. The offer will begin on May 27, 2026, and will end on June 3, 2026, at 4:00 PM (Paris time). The results will be announced as soon as possible after this date.
Financing through New Tier 2 Bonds
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The reinsurer announces its intention to issue, subject to market conditions, new subordinated bonds in euros bearing fixed then variable interest rates and eligible to be counted as Tier 2 regulatory capital under Solvency II. The net proceeds from this issuance will be used for the general financing of the group, particularly for the tender offer. The nominal amount of the new bonds will determine the maximum ceiling of the offer, which may be increased or decreased at SCOR's discretion. A priority allocation mechanism for the new bonds may be set up for holders of existing bonds participating in the repurchase.
« Je suis confiant dans la capacité de SCOR à atteindre ses objectifs 2026. »
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