Solvay announces exercise of issuer call option on the €500 million Perp-NC10 hybrid bonds issued by Solvay Finance
05 October 2023 - 5:00PM
Solvay announces exercise of issuer call option on the €500 million
Perp-NC10 hybrid bonds issued by Solvay Finance
Solvay announces exercise of issuer call option on the €500
million Perp-NC10 hybrid bonds issued by Solvay Finance
Brussels, October 5, 2023, 8.00am CEST
- Solvay SA (“Solvay” or the “Company”) announced today that
its subsidiary Solvay Finance SA will redeem its €500 million
Undated Deeply Subordinated Fixed to Reset Rate Perp-NC10 Bonds
irrevocably guaranteed on a subordinated basis by Solvay SA (ISIN:
XS0992293901) on the first call date (being November 12, 2023).
This perpetual deeply subordinated bond, bearing an annual interest
rate of 5.425%, is treated as equity under IFRS rules. As November
12, 2023 falls on a non-business day, repayment shall, in
accordance with the terms and conditions, occur on November 13,
2023. The redemption notice is available on the Luxembourg Stock
Exchange (https://www.luxse.com/security/XS0992293901/204121).
Today's announcement forms part of Solvay’s
liability management process in preparation of Solvay’s planned
separation into two independent, investment-grade rated listed
companies, Specialty Holdco Belgium (expected to be renamed
“Syensqo”) and EssentialCo (which will keep the Solvay name), that
is intended to take place by means of a partial demerger of Solvay
under Belgian law in December 2023.
IMPORTANT LEGAL INFORMATIONNothing in
this announcement constitutes or contemplates an offer of, an offer
to purchase or the solicitation of an offer to sell any security in
any jurisdiction.The contemplated separation of Solvay is subject
to general market conditions and customary closing conditions,
including final approval by the Board of Directors of Solvay,
consent of certain financing providers and shareholder approval at
an extraordinary general meeting, and is expected to be completed
in December 2023. There can be no assurance, however, regarding the
ultimate timing of the separation or that the separation will
actually be completed. The Company will keep the market informed if
and when appropriate.This press release is for informational
purposes only and is not intended to, and does not, constitute an
offer or invitation to sell or solicitation of an offer to
subscribe for or buy, or an invitation to purchase or subscribe
for, any securities of the Company or Specialty Holdco Belgium SRL
(“SpecialtyCo”), any part of the business or assets described
herein, or any other interests or the solicitation of any vote or
approval in any jurisdiction in connection with the transactions
described herein or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in
contravention of applicable law. This press release should not be
construed in any manner as a recommendation to any reader
thereof.This press release is not a prospectus or other offering
document for the purposes of Regulation (EU) 2017/1129 of June 14,
2017 (as amended, the “Prospectus Regulation”).The distribution of
this press release may be restricted by law in certain
jurisdictions and persons into whose possession any document or
other information referred to herein comes, should inform
themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the
securities laws of any such jurisdiction.This press release is
directed solely to persons in the United Kingdom who (i) have
professional experience in matters relating to investments, such
persons falling within the definition of "investment professionals"
in Article 19(5) of the FSMA (Financial Promotion) Order 2005, as
amended (the “Financial Promotion Order”) or (ii) are persons
falling within Article 49(2)(a) to (d) of the Financial Promotion
Order or other persons to whom it may lawfully be communicated or
caused to be communicated, (all such persons together being
referred to as “relevant persons”). This press release is directed
only to relevant persons and must not be acted on or relied on by
persons who are not relevant persons.The securities referred to in
this announcement have not been and will not be registered under
the US Securities Act of 1933 (the “Securities Act”) and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act.FOR DISTRIBUTION ONLY OUTSIDE THE UNITED STATES
TO PERSONS OTHER THAN “U.S. PERSONS” (AS DEFINED IN REGULATION S OF
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”)).
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