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SCOR SE announces that its subsidiary, SCOR Holding (Switzerland) Ltd. has published its decision to have Converium Finance S.A. redeem all of the 8.25% Guaranteed Subordinated Notes (the “Notes”) due 2032, totalling an aggregate principal amount of USD 200,000,000.
Paolo De Martin, SCOR’s Chief Financial Officer, comments: “The redemption of the Notes is another step towards optimizing SCOR’s balance sheet structure as outlined in the strategic plan ‘Dynamic Lift V2’. The repayment will reduce future financing costs given the high interest rate of this hybrid debt. In addition, the redemption of the Notes will allow SCOR Holding (Switzerland) Ltd. to take steps towards the deregistration of its securities and the termination of its reporting requirements under the US Securities Exchange Act of 1934.”
The redemption date is 24 December 2007. The Notes will be redeemed at a price equivalent to the aggregate principal amount plus an amount equal to the accrued interest payments up to the redemption date. The CUSIP number for the Notes is 21248Y202.
A Notice of Redemption has been distributed by The Bank of New York, the trustee for the Notes.
