White & Case advises SCOR on liability management transaction; including tender offer and €500 million Tier 2 notes issuance

Global law firm White & Case LLP has advised SCOR, a global reinsurance company, on its €378 million tender offer and issue of €500 million fixed to floating rate subordinated notes eligible as Tier 2 regulatory capital under Solvency II.

In line with the Solvency II requirements, the notes feature a loss absorption mechanism in the form of a write-down of the nominal amount of the notes in the event that one of the solvency-related triggers is breached.

The notes are admitted to trading on the regulated market of the Luxembourg Stock Exchange. The net proceeds of the new notes issuance will be used by SCOR SE for general corporate purposes, including the repurchase of the outstanding €250 million fixed to reset rate subordinated notes due June 5, 2047 and the outstanding €500 million fixed to reset rate subordinated notes due May 27, 2048. The tender offer was capped at a maximum acceptance amount equal to the aggregate principal amount of the new Tier 2 notes issued.

The tender offer and the issuance of the new notes are part of the SCOR's proactive management of its financing structure.

The White & Case team in Paris which advised on the transaction was led by partner Grégoire Karila and included associate Romain Bruno.

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