Linklaters has advised the banking syndicate in connection with SCOR SE’s 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 the concurrent cash tender offer for two series of existing Fixed to Reset Rate Subordinated Notes (Tier 2), due 5 June 2047 and due 27 May 2048.
The notes, in a principal amount of €500 million, bear interest at 4.510% per annum until 5 June 2036, and thereafter at a floating rate (3-month Euribor + margin), with a first optional redemption date on 5 December 2035 and a scheduled maturity on 5 June 2056. They are admitted to trading on the regulated market of the Luxembourg Stock Exchange. The net proceeds of the new notes issuance are used by SCOR SE for general corporate purposes of the group, including to finance the cash tender offer for its outstanding existing Fixed to Reset Rate Subordinated Notes: (i) €250 million notes due 5 June 2047 (first call date on 5 June 2027) and (ii) €500 million notes due 27 May 2048 (first call date on 27 May 2028). The tender offer was capped at a maximum acceptance amount equal to the principal amount of the new notes issued, with priority given to holders of the 2047 notes.
Following the tender offer, SCOR SE repurchased for cash €378.1 million in principal amount of the targeted notes.
The Linklaters Capital Markets team advising the banking syndicate was composed of Véronique Delaittre, Partner, Pierre-André Destrée, Counsel, Elise Alperte, Managing Associate, and Sirine Laghouati, Associate.
