SCOR Holding (Switzerland) Ltd. informs about redemption of USD 200 Million Guaranteed Subordinated Notes and exemption from dis
28 November 2007 - 7:05AM
Marketwired
ZURICH, SWITZERLAND Ltd. informs that it has initiated the
redemption of all of the outstanding Converium Finance S.A. 8.25%
Guaranteed Subordinated Notes (the "Notes") due 2032, totalling USD
200,000,000 in aggregate principal amount.
The redemption date is 24 December 2007. The Notes will be
redeemed at a price of the aggregate principal amount plus an
amount equal to the accrued interest payments 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.
SCOR Holding (Switzerland) Ltd., furthermore, informs that the
Admission Board of the SWX Swiss Exchange decided on 23 November
2007, based upon article 76 of the Listing Rules, to grant SCOR
Holding (Switzerland) Ltd an exemption from the disclosure rules
(ad-hoc disclosure, disclosure obligations according to Circular
Nr. 1 Addendum 1 - participation rights, management transactions
and accounting rules).
The exemption was the result of a request of SCOR Holding
(Switzerland) Ltd and was made in conjunction with the pending
cancellation action brought by SCOR SE before the Commercial Court
of the Canton of Zurich (which is expected to be completed by the
end of the 1st quarter 2008), with respect to the remaining shares
of SCOR Holding (Switzerland) Ltd. not owned by the SCOR Group in
accordance with article 33 of the Federal Act on Stock Exchanges
and Securities Trading.
This exemption is valid until 31 Mai 2008 and will fall away
with immediate effect, should the pending action for cancellation
of outstanding stock be withdrawn by SCOR SE or dismissed by the
Commercial Court of the Canton of Zurich.
Enquiries
+---------------------------------------------------------+
| Communications | Marco Circelli |
| Phone: +41 44 639 90 22 | Head of Investor Relations |
| Fax: +41 44 639 70 22 | mcircelli@scor.com |
| | Phone: +41 44 639 91 31 |
| | Fax: +41 44 639 71 31 |
| | |
| | Inken Ehrich |
| | Investor Relations Specialist |
| | iehrich@scor.com |
| | Phone: +41 44 639 90 94 |
| | Fax: +41 44 639 70 94 |
+---------------------------------------------------------+
SCOR Holding (Switzerland) Ltd.
SCOR Holding (Switzerland) Ltd. is a subsidiary of SCOR SE and
is based in Zurich, Switzerland. The Company has an "A-" ("strong")
financial strength rating (outlook stable) from Standard &
Poor's and a "A-" ("excellent") financial strength rating (outlook
stable) from A.M. Best Company.
Copyright � Hugin ASA 2007. All rights reserved.
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