Scor: successful E500m bond issue
(CercleFinance.com) - Scor has successfully issued E500m of undated fixed-rate reset Tier 1 super-subordinated notes eligible for Solvency II Restricted Tier 1 capital.
The transaction met with strong investor demand, with the issue being 5.6 times oversubscribed to.
The initial interest rate has been set at 6% p.a. payable semi-annually until 20 December 2034, after which it will be reset, and every five years thereafter, at the 5-year EUR mid-swap rate plus a margin of 385.7 bp.
The New Notes are rated BBB+ by S&P Global Ratings Europe Limited.
The estimated net proceeds from the issuance of the New Notes will be used for general corporate purposes, including the redemption of all or part of the Group's existing undated fixed-rate reset deeply subordinated notes in the nominal amount of E250m.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The transaction met with strong investor demand, with the issue being 5.6 times oversubscribed to.
The initial interest rate has been set at 6% p.a. payable semi-annually until 20 December 2034, after which it will be reset, and every five years thereafter, at the 5-year EUR mid-swap rate plus a margin of 385.7 bp.
The New Notes are rated BBB+ by S&P Global Ratings Europe Limited.
The estimated net proceeds from the issuance of the New Notes will be used for general corporate purposes, including the redemption of all or part of the Group's existing undated fixed-rate reset deeply subordinated notes in the nominal amount of E250m.
Copyright (c) 2024 CercleFinance.com. All rights reserved.