SCOR successfully places EUR 600 million dated subordinated notes, to refinance its CHF debt callable in August 2016
(Thomson Reuters ONE) -
Press Release
2 December 2015 - N°32
Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon(at)scor.com
Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon(at)scor.com
www.scor.com
twitter: (at)SCOR_SE
Not for distribution in or into the U.S., Canada or Japan
SCOR successfully places EUR 600 million dated subordinated notes, to
refinance its CHF debt callable in August 2016
SCOR has successfully placed a dated subordinated notes issue on the Euro market
in the amount of EUR 600 million.
It is currently SCOR's intention, subject to the evolution of market conditions
and to prior regulatory approval, to refinance the 5.375% fixed to floating rate
undated subordinated CHF 650 million notes callable in August 2016 through the
proceeds of the notes. The proceeds may also be used for general corporate
purposes.
The coupon has been set to 3.0% (until 8 June 2026), and resets every 10 years
at the prevailing 10-year EUR mid-swap rate + 3.25%.
The notes are expected to be rated A by Standard & Poor's and A- by Fitch.
Settlement is expected to take place on 7 December 2015. The proceeds from the
notes are expected to be eligible for inclusion in SCOR's solvency margin, in
accordance with applicable rules and regulatory standards, and as equity credit
in the rating agency capital models.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "With
today's successful placement on the Euro market, SCOR continues to benefit from
exceptional market conditions in a low yield environment. Following the
successful EUR 250 million placement last June, this new success underlines the
high level of recognition enjoyed by the Group on the credit market. In line
with the "Optimal Dynamics" strategic plan, this placement notably enables us to
further optimize the Group's financial structure."
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United States of America
This press release is not an offer of the notes for sale in the United States.
The notes may not be offered or sold in the United States absent registration or
an exemption from registration under the US Securities Act of 1933. Any public
offering in the United States may only be made by means of a prospectus that may
be obtained from the issuer containing detailed information about the issuer and
its management, as well as its financial statements.
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to SCOR's Document de référence filed with the AMF on 20 March
2015 under number D.15-0181 (the "Document de référence"), for a description of
certain important factors, risks and uncertainties that may affect the business
of the SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting". The Group's financial
information is prepared on the basis of IFRS and interpretations issued and
approved by the European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS 34 "Interim
Financial Reporting".
SCOR PRESS RELEASE:
http://hugin.info/143549/R/1970936/720661.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SCOR via GlobeNewswire
[HUG#1970936]
Unternehmensinformation / Kurzprofil:
Datum: 02.12.2015 - 17:48 Uhr
Sprache: Deutsch
News-ID 437134
Anzahl Zeichen: 6483
contact information:
Town:
Paris
Kategorie:
Business News
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