Solvay: early redemption of dollar bonds

(CercleFinance.com) - On Tuesday Solvay announced that it will proceed with the early redemption of the senior dollar bonds issued by its subsidiary Cytec at a rate of 3.
50%, which are due to mature in 2023, for a principal amount of 196 million dollars (redemption date set for 1 January 2023).

The redemption price is 100% of the amount of the bonds, plus accrued and unpaid interest to the redemption date, which is over 1.71 million dollars.

Karim Hajjar, Solvay's chief financial officer, says the early buyback will be funded from existing financial resources, thanks to the group's strong financial performance: its cash generation in particular.

Since 2019, total deleveraging (debt and pensions) has approached 3 billion euros and leverage at the end of September 2022 was a record 1.2x.

With the market often nodding to early repayments, the share is currently up almost 2%.


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