Linklaters advised CRR Re on its first bond issue, a EUR 300 million issue of subordinated bonds eligible as Tier 2 core capital.
The bonds will mature in 2040 with a first early redemption date at the option of the issuer in 2030. This bond issue has a fixed annual coupon of 2.875% until 15 July 2030 and a floating quarterly coupon after this date. The bonds have been rated BBB+ by S&P.
Settlement and delivery of the bonds, admitted to trading on Euronext Growth, took place on July 15, 2020. The funds will be used by CCR Re for general corporate purposes.
The Linklaters team advising CCR Re consisted of Véronique Delaittre, Partner, Clément Moine and Antoine Galvier, Managing Associates in capital markets. Nadine Eng, Managing Associate, intervened on the tax aspects.
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