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17 Sep 2020

Stephenson Harwood advises SCOR on its €300 million notes issuance

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Law firm Stephenson Harwood LLP has advised SCOR SE, the global reinsurance group, on its issuance of €300 million fixed to reset subordinated tier two notes.

The notes will be admitted to trading on Luxembourg Stock Exchange’s regulated market, and are rated A by Standard & Poor’s credit rating agency. The coupon is fixed at 1.375% until 17 September 2031, and resets every 10 years at the prevailing 10-year EUR mid-swap rate + 2.6%. The notes mature on 17 September 2051, and the proceeds will be eligible for inclusion as tier two regulatory capital, and as equity credit in the rating agency capital models.

“This financing will be used to support the Group’s future growth,” commented Jeremy Grant, partner, Stephenson Harwood. “In a low yield environment, SCOR has been able to benefit from current market conditions. The appeal of the notes for investors is evident by them being oversubscribed nine times.”

BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Natixis acted as joint lead managers of the issue.

The Stephenson Harwood team was led by finance and capital markets partner Jeremy Grant, who was supported by associate Cloé Nguyen.

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