SCOR has successfully completed the placement of EUR500m ($585.36m) fixed to floating rate subordinated notes with institutional investors, maturing on 10 September 2055, and eligible as Tier 2 regulatory capital under Solvency II. The transaction met strong investor demand.
The initial fixed rate of 4.522% per annum will be payable annually in arrears until 10 September 2035. From that date, the notes will bear interest at a variable rate payable quarterly in arrears on 10 March, 10 June, 10 September and 10 December of each year, commencing on 10 December 2035.