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Solvay to purchase tendered hybrid perpetuals for €457.88 million
By Marisa Wong
Los Angeles, Sept. 2 – Solvay Finance said it intends to repurchase 91.58% of its €500 million 5.118% undated deeply subordinated fixed-to-reset rate perpetual non-call June 2021 bonds guaranteed by Solvay SA (ISIN: XS1323897485) for a total amount of €457,877,000.
As announced on Aug. 25, Solvay invited holders of the hybrid bonds to tender any and all of their bonds for purchase for cash. Solvay offered to purchase the bonds at 103.75, along with accrued interest to but excluding the settlement date. The offer expired at noon ET on Sept. 1.
After settlement of the tender offer, expected to occur on Sept. 4, more than 90% of the initial aggregate principal amount of the bonds will have been purchased by Solvay, according to a company press release on Wednesday.
The company plans to redeem the remaining outstanding bonds at par plus accrued interest. The company said it intends to exercise this clean-up call option as soon as possible following settlement of the tender offer.
BofA Securities Europe SA (+44 20 7996 5420, DG.LM-EMEA@bofa.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com), MUFG Securities (Europe) NV (+44 20 7577 4145, liability.management@mufgsecurities.com), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com) and Commerzbank AG (+49 69 136 59920, liability.management@commerzbank.com) are dealer managers for the offer.
BNP Paribas Securities Services, Luxembourg Branch (+352 26 96 62 301, LU_BP2S_OFFER@bnpparibas.com) is the tender and information agent.
Solvay is a chemical company based in Brussels.
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