Not intended for U.S. Media – Solvay announces results of its tender offer to purchase bonds for cash
November 30 2021 - 2:32AM
Not intended for U.S. Media – Solvay announces results of its
tender offer to purchase bonds for cash
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES
OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO,
THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE
NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF
AMERICA AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON OR IN OR
INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE,
PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
Solvay SA continues its
deleveraging through the early redemption of bonds
due in 2022
Brussels, 30 November 2021 ---
Solvay SA (the “Issuer”) today successfully closed the tender offer
on its outstanding EUR 750 million 1.625% bonds due 2022, by
acquiring €372.5 million of senior debt, marking another step in
the strong deleveraging that commenced in 2019.
As part of its G.R.O.W. strategy, Solvay has
prioritised cash generation and, since January 2019, has generated
€2.3 billion operationally, both from improving capital investment
discipline and from managing working capital more effectively. This
performance was supplemented by proceeds from divestments of around
€1 billion as steps were taken to enhance the portfolio. This cash
generation allowed Solvay to continue paying compelling dividends
even during the Covid crisis of 2020, and it helped to fund a €2.4
billion reduction in debt and pensions. Additional steps are
planned to further delever pensions by €0.3 billion in the next
months.
Karim Hajjar, CFO of Solvay, commented:
“Deleveraging and improving our balance sheet are an integral part
of our strategic roadmap, and this new operation marks a new step
forward for Solvay. Our strong focus on cash generation and on
deleveraging has substantially de-risked Solvay’s balance sheet and
contributed to the structural improvement in cash conversion that
has been evident since 2019. Looking forward, the focus on cash
generation will be maintained as we also continue to invest in our
future growth with discipline.”
Results of tender offer to purchase
bonds for cash
Following the closing of the tender offer on
November 29, 2021, the Issuer publishes the results of the buyback
operation related to its EUR 750,000,000 1.625% due 2022 (ISIN:
BE6282459609) (the “Bonds”).
The Issuer today announces that it will accept
all validly tendered Bonds for purchase in cash in an aggregate
principal amount of EUR 372,500,000.
The details of the results are further described
in the following link.
DISCLAIMER This press release does not
constitute an offer to sell, or a solicitation of an offer to
purchase or subscribe for, securities in any jurisdiction in which,
or to any person to or from whom, it is unlawful. This press
release must be read in conjunction with the tender offer
memorandum. The distribution of this press release and the tender
offer memorandum in certain jurisdictions may be restricted by
law.
Solvay (EU:SOLB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Solvay (EU:SOLB)
Historical Stock Chart
From Aug 2023 to Aug 2024