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LJUBLJANA (Slovenia), October 22 (SeeNews) – Slovenian reinsurer Sava Re [LJE:POSR] said it has approved a decision to issue 75 million euro ($83.7 million) of subordinated notes.
“Unless previously redeemed by the issuer, the notes will be redeemed at par on 7 November 2039,” Sava Re said in a Ljubljana bourse filing late on Monday.
The issue will bear a fixed interest rate of 3.75% per year during the first ten years. Thereafter, the notes will bear a floating interest rate based on the sum of the 3-month Euro Interbank Offered Rate (expressed as a percentage rate per annum) and the margin of 4.683%.
Sava e Re said it will inform the public about the outcome of the offering on October 28. The transaction is structured and lead managed by Erste Group.
Sava Insurance Group comprises 24 companies in six countries - Slovenia, Croatia, Serbia, Kosovo, North Macedonia and Montenegro. It employs over 2,400 people. The group reported a net profit of 43 million euro ($47 million) in 2018 on operating revenue of 540 million euro.
The solvency capital requirement (SCR) at group level rose to 217 million euro at the end of 2018 from 205 million euro a year earlier, while the solvency ratio slid to 218% from 220% at end-2017.
The group's written premiums rose to 336.8 million euro in the first half of 2019 from 308.6 million euro in the like period of 2018.
Sava Re shares last traded at 16.9 euro on Monday, down 0.59%.
($ = 0.89628 euro)