Solvay announces early redemption of USD senior bonds
November 22 2022 - 2:30AM
Solvay announces early redemption of USD senior bonds
Brussels, November 22, 2022 - before market
opening - Solvay has delivered a notice of early redemption in
full to holders of Cytec’s US dollar 3.50% senior notes due 2023
guaranteed by Solvay with ISIN / CUSIP US23282AJ97 / 232820AJ9 in
an outstanding principal amount of USD 196,086,000. The redemption
will be implemented in accordance with the terms and conditions of
the bonds.
The redemption date will be January 1, 2023. The
redemption price is 100% of the principal amount of the notes to be
redeemed on the redemption date, plus accrued and unpaid interest
thereon to, but not including, the redemption date (being USD
1,715,752.50). The paying agent is The Bank of New York Mellon.
Karim Hajjar, CFO of Solvay, commented, “This
early redemption will be financed out of existing financial
resources and was made possible by the continued strong financial
performance and cash generation in particular. Since 2019, the
total deleveraging of debt and pensions approaches €3 billion and
leverage as of the end of September 2022, was 1.2x, a record low.
The continued strengthening of our balance sheet underpins our
project to separate into two strong, independent leading companies
in the second half of 2023.”
- 20221122_US Debt redemption_EN
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