Sogecap, a life insurance company under the Societe Generale group, has announced the successful placement of EUR 800 million in restricted Tier 1 perpetual notes. These notes come with an initial fixed rate of 6.250%, which will reset in 2036. The issuance is part of Sogecap's strategy to proactively manage its own funds.
The new issue is structured to qualify as Tier 1 capital under Solvency II regulations and was oversubscribed by a factor of 4.25, indicating strong interest from a diverse group of investors. This reflects Sogecap’s credit quality, which holds an A- rating from Standard & Poor’s (S&P). The new notes themselves have been rated BBB- by S&P, with settlement expected on July 8, 2025.
In conjunction with this issuance, Sogecap set the maximum acceptance amount for its tender offer at EUR 800 million. The results of this tender offer, launched on June 30 and closing at 4:00 p.m. Paris Time on July 7 unless extended or altered by Sogecap, will be announced on July 8.
Further details about the tender offer are outlined in the "Tender Offer Memorandum" dated June 30, 2025. Additional information can be accessed online.
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