SCOR Announces Cash Tender Offer and New Subordinated Notes Issuance

SCOR SE has launched a cash tender offer targeting its EUR 250 million notes due 2047 and EUR 500 million notes due 2048, both traded on the Luxembourg Stock Exchange. Simultaneously, SCOR plans to issue new Euro-fixed to floating rate subordinated notes. These new notes will be eligible as Tier 2 regulatory capital under Solvency II.

The net proceeds from the new notes will fund the tender offer and serve general corporate purposes. The tender offer's acceptance is contingent on the successful issuance of the new notes, with the aggregate principal amount being adjustable at SCOR's discretion.

The tender offer gives priority to 2047 notes, while 2048 notes are accepted up to the amount matching the difference between the total of new and validly tendered 2047 notes. The offer commences on May 27 and concludes on June 3, 2026. These financial maneuvers form part of SCOR's strategy to optimize its financing structure.