SCOR successfully completes bond buyback offer of €186.4 million
Deal News | Dec 19, 2024 | Globenewswire
SCOR SE, a leading global reinsurer, announced the successful completion of its cash tender offer for its perpetual fixed-rate resettable restricted tier 1 subordinated notes. Originally issued on October 1, 2014, with a nominal value of €250 million, these notes were eligible for regulatory capital level 1 and subject to transitional measures for subordination liabilities hierarchy until the end of December 2025. The offer expired on December 18, 2024, with a total nominal amount of €186.4 million effectively tendered and accepted by the company. Following the settlement, which is scheduled for December 23, 2024, the tendered notes will be canceled by SCOR, leaving €63.6 million nominal value of notes in circulation. These remaining notes will continue to be listed on the Luxembourg Stock Exchange.
Sectors
- Insurance and Reinsurance
- Financial Services
Geography
- France – SCOR SE is a French company, and the transaction is conducted under its jurisdiction.
- Luxembourg – The remaining bonds are listed on the Luxembourg Stock Exchange.
Industry
- Insurance and Reinsurance – SCOR SE operates within the insurance and reinsurance industry, dealing with risk transfer and management.
- Financial Services – The transaction involves financial restructuring through the buyback of subordinated bonds, typical of financial services operations.
Financials
- €186.4 million – The nominal amount of subordinated bonds successfully bought back by SCOR SE.
- €250 million – The original nominal value of the subordinated bonds issued by SCOR SE.
- €63.6 million – The remaining nominal value of bonds still in circulation after the buyback.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SCOR SE | Issuer and Buyer | Company | A global reinsurance company based in France, responsible for issuing and buying back the subordinated bonds. |