SCOR places €500m subordinated notes set to mature in 2055
- October 11, 2025
- Posted by: Saumya Jain
- Category: Insurance
French reinsurer SCOR has successfully placed €500 million Fixed to Floating Rate Subordinated Notes with institutional investors, which mature on September 10, 2055, and are eligible as Tier 2 regulatory capital under Solvency II.
The notes are rated A- by S&P Global Ratings Europe Limited, and SCOR explained that the transaction met strong investor demand.
The initial fixed rate of 4.522% per annum will be payable annually in arrears until September 10th, 2035, inclusive of the date.
From then, the notes will bear interest at a variable rate (3-month EURIBOR + margin) payable quarterly in arrears on 10 March, 10 June, 10 September and 10 December of every year, starting December 1, 2035, inclusive of the date.
According to Solvency II requirements, payment of interest on the notes shall, in certain circumstances, be deferred.
The estimated net proceeds of the issue of the notes will be used for general corporate purposes, said the firm, including to finance the concurrent tender offer for the €600 million Fixed to Reset Rate Subordinated Notes due June 8th, 2046 (ISIN: FR0013067196), issued on December 7th, 2015, with a first call date on June 8th, 2026, as announced on September 2nd, 2025.
The settlement of the notes is expected to occur on September 10th, 2025.
Application will be made for the Notes to be admitted to trading on the Luxembourg Stock Exchange’s regulated market.
