March 7, 2018 / 7:18 AM / 5 months ago

BRIEF-Scor Places USD 625 Million Deeply Subordinated Tier 1 Issuance

March 7 (Reuters) - SCOR SE

* ANNOUNCED ON TUESDAY PLACEMENT OF USD 625 MLN DEEPLY SUBORDINATED TIER 1 ISSUANCE

* FIRST TRANSACTION FOR RESTRICTED TIER 1 INSTRUMENT WITH A PRINCIPAL WRITE-DOWN FEATURE IN USD

* CONFIRMS INTENTION TO REDEEM CHF 315 MLN AND CHF 250 MLN UNDATED SUBORDINATED NOTE LINES, CALLABLE IN JUNE 2018 AND NOVEMBER 2018 RESPECTIVELY, USING PROCEEDS OF NEW INSTRUMENT

* COUPON FOR NEW USD PLACEMENT SET AT 5.25%, UNTIL FIRST CALL DATE OF MARCH 13, 2029, AND RESETS EVERY 5 YEARS THEREAFTER AT PREVAILING 5-YEAR U.S. TREASURY YIELD PLUS 2.37% (NO STEP-UP)

Source text : bit.ly/2oOfuKC Further company coverage: (Gdynia Newsroom)

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