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Solvay calls €300 million deeply subordinated perpetuals
By William Gullotti
Buffalo, N.Y., Oct. 20 – Solvay SA will exercise its issuer call option for its €300 million undated deeply subordinated fixed to reset rate perpetual bonds (ISIN: BE6309987400) on Dec. 4, according to an announcement on Friday.
The perpetuals will be redeemed at par plus accrued and unpaid interest up to, but excluding, the redemption date. The aggregate interest payment will be €9,739,583.33.
The redemption date occurs three months prior to the first reset date, and the interest payment reflects the 4¼% fixed rate.
Solvay will request that the Luxembourg Exchange cancel the listing on the redemption date.
National Bank of Belgium is acting as paying agent.
Solvay is a Brussels-based chemical manufacturer.
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