Solvay successfully completes its inaugural EUR 1.5 billion dual tranche bond issuance

Brussels, March 26, 2024, 19:00 CET

Solvay today successfully completed the placement of its inaugural bond transaction, which represents another important milestone after the partial demerger of its Specialty Businesses in December 2023. 

“This key transaction strengthens the capital structure of Solvay and gives the company the financial  stability to execute its strategy in this new phase of its journey,” said Alexandre Blum, Solvay CFO. “We are particularly pleased with the exceptional participation of more than 250 and 300 investors in the 4-year tranche and the 7.5-year tranche respectively. This contributed to a transaction nearly 6 times oversubscribed, a clear testimony of the continuous support and confidence from institutional investors in Solvay's vision and strategy".

The 4-year €750m bond maturing on April 3rd, 2028, and the 7.5-year €750m bond maturing on Oct 3rd, 2031, will have coupons of 3.875% and 4.250% respectively. Both bonds will be rated BBB- by S&P, matching Solvay's long-term credit rating. Bond settlement is scheduled for April 3, 2024, with trading expected to begin on the Euro MTF market of the Luxembourg Stock Exchange around the same time. 

In alignment with its prudent financial policy, the proceeds will be used for general corporate purposes, including the refinancing of the EUR 1.5b bridge facility set up at the end of 2023 in relation to the partial demerger.

BNP Paribas, BofA Securities, J.P. Morgan and Morgan Stanley acted as Global Coordinators for the transaction and as Joint Bookrunners together with Commerzbank, Crédit Agricole CIB, ING and KBC Bank.   

Disclaimer

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The issue, exercise or sale of securities in the offering are subject to specific legal or regulatory restrictions in certain jurisdictions. The information contained herein shall not constitute or form part of an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful. Solvay SA assumes no responsibility in the event there is a violation by any person of such restrictions.

This press release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.

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