SCOR Repurchases €378.1 Million in Subordinated Bonds Ahead of New Issue
Reinsurer SCOR announced on Thursday the results of its cash tender offer for two series of subordinated bonds, which expired on June 3, 2026, at 4 PM (Paris time). The group accepted €378.1 million in securities, the full amount targeted, an exercise described as proactive management of its financing structure.
Repurchase of €378.1 Million Spread Across Two Series
SCOR announced on Thursday the results of its repurchase offer launched on May 27, 2026, and closed on June 3 at 4 PM (Paris time). The offer involved two series of subordinated bonds: €250 million in resettable fixed-rate bonds due in 2047 (first early repayment date June 5, 2027) and €500 million in resettable fixed-rate bonds due in 2048 (first early repayment date May 27, 2028).
The group accepted a nominal aggregate of €378.1 million in securities offered by investors. This acceptance is divided into two parts: €126.5 million of the 2047 bonds (out of a total of €250 million in circulation) and €251.6 million of the 2048 bonds (out of a total of €500 million in circulation). Following this operation, €123.5 million of the 2047 bonds and €248.4 million of the 2048 bonds will remain in circulation.
Cancellation and Settlement Scheduled for June 8, 2026
The securities repurchased by SCOR will be cancelled. The settlement of the transaction is expected on June 8, 2026. The offer had been capped at the aggregate amount of new variable-rate subordinated bonds maturing in 2056 that the reinsurer plans to issue on June 5, 2026, as part of a strategy to replace existing debt.
Part of a Broader Recapitalization Strategy
SCOR describes this operation as a component of its proactive management of the group's financing structure.
