New Issue: Scor €180 million convertible yields 4.125%, up 65%

Nashville, June 24 - Scor SA sold €180 million of 5.5-year convertible bonds at par to yield 4.125% with a 65% initial conversion premium via joint lead managers BNP Paribas, Goldman Sachs and HSBC.

The offering priced at the tighter end of yield talk for a 4% to 4.5% coupon and aggressively outside premium guidance of 58% to 63%.

Scor is a Paris-based property and casualty insurer.

Terms of the deal are:

Issuer:	Scor SA
Reference shares:	Scor SA
Issue:	Convertible Oceane bonds
Lead managers:	BNP Paribas, Goldman Sachs and HSBC
Amount:	€180 million
Greenshoe:	€20 million
Maturity:	Jan. 1, 2010
Coupon:	4.125%
Price:	Par
Redemption price:	Par
Yield:	4.125%
Conversion premium:	65%
Conversion price:	€2
Conversion ratio:	500.0000
Call:	Non-callable for 3.5 years, then with 130% trigger
Price talk:	4.0-4.5%, up 58-63%
Pricing date:	June 24

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