SCOR: SCOR successfully places EUR 500 million dated subordinated notes
(Thomson Reuters ONE) -
Press Release
24 May 2016 - N° 11
Not for distribution in or into the U.S., Canada or Japan
SCOR successfully places EUR 500 million dated subordinated notes
SCOR has successfully placed a dated subordinated notes issue on the Euro market
in the amount of EUR 500 million.
It is currently SCOR's intention to use the proceeds for general corporate
purposes. Moreover, SCOR confirms its current intention, subject to market
conditions, to redeem the balance of the EUR 350 million and CHF 650 million
undated subordinated note lines, callable in July and August 2016 respectively,
using the proceeds of the EUR 250 million and EUR 600 million subordinated notes
issues of 2014 and 2015 respectively.
The coupon has been set to 3.625% (until 27 May 2028 first call date), and
resets every 10 years at the prevailing 10 years EUR mid-swap rate + 3.90%. The
32NC12 notes mature on 27 May 2048.
The notes are expected to be rated A by Standard & Poor's and A- by Fitch.
Settlement is expected to take place on 27 May 2016. The proceeds from the notes
are expected to be eligible for inclusion in SCOR's regulatory capital, 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 this
new successful placement on the Euro market, SCOR continues to benefit from
exceptional market conditions in a low yield environment. Following the
successful EUR 600 million placement in December 2015, this new placement
reconfirms the high level of confidence enjoyed by the Group in the credit
market. This debt placement enables us to secure attractive long-term financing
to further optimize SCOR financial structure and support the future organic
growth of the Group."
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 80 62
mbouchon(at)scor.com
Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon(at)scor.com
http://www.scor.com/
SCOR photo gallery
Twitter: (at)SCOR_SE
NOTICE
This announcement is for information purposes only and does not constitute an
offer to sell or a solicitation to buy any securities, nor do the transactions
contemplated herein constitute a public offering, in any jurisdiction.
Release, publication or distribution of this press release is forbidden in any
country where it would violate applicable laws or regulations.
United States of America
This press release is not an offer of 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. SCOR does not
intend to register any part of the offering in the United States, nor does it
intend to launch a public offering in the United States.
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." Such statements, by nature subject to known and unknown risks,
uncertainties and other factors, which may lead to significant differences
between actual events and events expressed or implied by the present
communication, must not be considered as sole sources of information.
Please refer to the 2015 reference document filed on 4 March 2016 under number
D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's
website www.scor.com (the "Document de Référence"), for a description of certain
important factors, risks and uncertainties that may affect the business and/or
the results 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. SCOR makes no undertaking in any
form to publish updates or adjustments to these forward-looking statements or to
this information, or to communicate on new information, future events or any
other circumstance, except where required by the applicable laws and
regulations.
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/2015150/747136.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#2015150]
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2016 - 18:53 Uhr
Sprache: Deutsch
News-ID 473318
Anzahl Zeichen: 7235
contact information:
Town:
Paris
Kategorie:
Business News
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