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A&O Shearman advises banks on SCOR SE’s EUR500 million Tier 2 bond issuance and cash tender offer

A&O Shearman advises banks on SCOR SE’s EUR500 million Tier 2 bond issuance and cash tender offer
Published Date
Sep 15 2025
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Image of Julien Sebastien
Julien SebastienPartner, Paris
Image of Soline Louvigny
Soline LouvignyCounsel, Paris
Image of Mathieu Vignon
Mathieu VignonPartner, Paris
Image of Virginie Chatté
Virginie ChattéSenior Associate, Paris
A&O Shearman has advised the banking syndicate, led by BNP Paribas and Crédit Agricole CIB acting as structuring advisors and global coordinators, on two transactions carried out by global reinsurer SCOR SE: a EUR500m subordinated notes issuance due 2055, and a cash tender offer for existing subordinated notes.

The newly issued notes bear a fixed annual interest rate of 4.522% until 2035, followed by a floating rate, and mature on September 10, 2055. They are eligible as Tier 2 regulatory capital under Solvency II and have been admitted to trading on the Luxembourg Stock Exchange’s regulated market.

The estimated net proceeds will be used for general corporate purposes, including to finance the concurrent tender offer. The offer targeted EUR600m in principal amount of fixed to reset rate subordinated notes issued on December 7, 2015, due June 8, 2046, with a first call date on June 8, 2026.

On September 11, 2025, the settlement date of the tender offer, SCOR SE repurchased EUR317.1m in principal amount of the notes for cash.

The A&O Shearman team included partner Julien Sébastien, counsel Soline Louvigny, associates Bianca Nitu and Anthony Yeung-Shun-Fun on capital markets aspects, and partner Mathieu Vignon and senior associate Virginie Chatté on tax aspects.

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