Solvay: exercises call option on hybrid bond
(CercleFinance.com) - Solvay announces that its subsidiary Solvay Finance will exercise its first call option on its E700 million hybrid bond.
The repayment will be made on 12 May, at the end of the five-and-a-half year period.
As a result, the total amount of hybrid bonds on its balance sheet will increase from 2.5 billion euros at the end of December 2018 to 1.8 billion euros after the exercise of the purchase option, resulting in a further reduction in the group's financial costs.
“These steps reflect the ongoing focus on value creation through an efficient and cost effective capital structure and are an integral part of a prudent, investment grade, funding strategy,” said Karim Hajjar, Solvay's Chief Financial Officer.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The repayment will be made on 12 May, at the end of the five-and-a-half year period.
As a result, the total amount of hybrid bonds on its balance sheet will increase from 2.5 billion euros at the end of December 2018 to 1.8 billion euros after the exercise of the purchase option, resulting in a further reduction in the group's financial costs.
“These steps reflect the ongoing focus on value creation through an efficient and cost effective capital structure and are an integral part of a prudent, investment grade, funding strategy,” said Karim Hajjar, Solvay's Chief Financial Officer.
Copyright (c) 2019 CercleFinance.com. All rights reserved.