Solvay exercises the first call option on a €700 million hybrid bond
April 03 2019 - 2:00AM
Brussels, April 3, 2019, 08:00 --- Solvay
announces today that its subsidiary Solvay Finance SA will exercise
its first call option on its €700 million hybrid bond (ISIN
XS0992293570 / Common Code 099229357) after having notified the
Luxembourg Stock Exchange where the bond is listed. This perpetual
deeply subordinated bond, bearing an annual interest rate of
4.199%, is treated as equity under IFRS rules. Its repayment is due
on May 12, 2019 at the end of the first 5.5 years.
Today's announcement follows the successful
issuance of €300 million perpetual hybrid bond with a coupon of
4.25% on December 4, 2018. As a result, the overall quantum
of hybrid bonds in Solvay's balance sheet will decrease from €2.5
billion end of December 2018 to €1.8 billion after the exercise of
the call option, leading to a further reduction in financial
charges.
"These steps reflect the
ongoing focus on value creation through an efficient and cost
effective capital structure and are an integral part of a prudent,
investment grade, funding strategy," said Karim Hajjar,
Solvay's Chief Financial Officer.
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Solvay is an advanced materials and
specialty chemicals company, committed to developing chemistry that
addresses key societal challenges. Solvay innovates and partners
with customers worldwide in many diverse end-markets. Its products
are used in planes, cars, batteries, smart and medical devices, as
well as in mineral and oil and gas extraction, enhancing efficiency
and sustainability. Its lightweighting materials promote cleaner
mobility, its formulations optimize the use of resources, and its
performance chemicals improve air and water quality.
Solvay is headquartered in Brussels with around 27,000 employees in
62 countries. Net sales were €10.3 billion in 2018, with 90% from
activities where Solvay ranks among the world's top 3 leaders,
resulting in an EBITDA margin of 22%. Solvay SA (SOLB.BE) is listed
on Euronext Brussels and Paris Bloomberg: SOLB.BB - Reuters:
SOLB.BR), and in the United States its shares (SOLVY) are traded
through a level-1 ADR program.
Financial figures take into account the planned divestment of
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Solvay S.A. via Globenewswire
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