SCOR said it is to launch a fully underwritten €750m rights issue following an extraordinary shareholders meeting held on Monday. This is €150m higher than previously announced.
SCOR said proceeds from the rights issue would be used to strengthen shareholders' equity of the company's subsidiaries (in particular SCOR US), to support existing credit order facilities and to increase the group's operational and financial flexibility.
The group is also to complete its exit from the credit derivative exposure market, said SCOR. An agreement to this end has been entered into with Goldman Sachs.
The cost of the withdrawal is expected to be approximately €35m, which would be accounted for in the group's fourth quarter results for 2003, said SCOR.
