SCOR: places E300m Tier 2 subordinated notes
(CercleFinance.com) - SCOR has said that it has successfully placed subordinated Tier 2 notes totaling 300 million euros, with the reinsurer planning to use these funds for general corporate purposes.
The coupon has been set at 1.375% until 17 September 2031, and will be reset every 10 years at the prevailing EUR 10-year mid-swap rate +2.6%. The "31NC11" notes mature on 17 September 2051 and are set to be settled and delivered on 17 September 2020.
Scor has also confirmed its intention to redeem the 125 million Swiss francs of undated subordinated notes issued on 20 October 2014, which had an early redemption date in October 2020, which have already been refinanced.
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