Linklaters advises SCOR SE on its €500 million Fixed to Floating Rate Subordinated Notes and on the cash tender offer targeting its existing Fixed to Reset Rate Subordinated Notes issued on December 2015

Linklaters has advised SCOR SE on its new issuance of Fixed to Floating Rate Subordinated Notes eligible as Tier 2 regulatory capital under Solvency II, in a principal amount of €500 million and on the concurrent tender offer to purchase for cash its existing Fixed to Reset Rate Subordinated Notes due 2046 issued in 2015.

The notes issued are admitted to trading on the regulated market of the Luxembourg Stock Exchange. The net proceeds of the new notes issuance will be used by SCOR SE for general corporate purposes of the group including through the repurchase of the outstanding €600 million Fixed to Reset Rate Subordinated Notes due 8 June 2046, issued on 7 December 2015, with a first call date on 8 June 2026. The tender offer was capped at a maximum acceptance amount of €500 million in aggregate principal amount.

On 11 September 2025, SCOR SE has repurchased for cash €317.1 million in principal amount of its outstanding Fixed to Reset Rate Subordinated Notes.

The Linklaters team advising SCOR SE was composed of Véronique Delaittre, partner, Pierre-André Destrée, counsel, Elise Alperte, managing associate, Inès Yahya and Sirine Laghouati, associates.

Allen Overy Shearman Sterling has advised the banks syndicate on these transactions.