The hybrid bond issue is split across two perpetual tranches:
A first tranche of 700 million € with a first call date on May 12, 2019 and a coupon of 4.199% until this date, with a reset every 5 years thereafter.
A second tranche of 500 million € with a first call date on November 12, 2023 and a coupon of 5.425% until this date, with a reset every 5 years thereafter.
The Notes will rank junior to all senior debt and will be recorded as equity (and coupons will be recorded as dividends) pursuant to IFRS. They will also receive an intermediate equity content from S&P and Moody’s (50% of the Notes will be treated as equity).
"We are very pleased with the outcome of this transaction, which is a testimony of the market's wide recognition of the Group's successful execution of its in-depth transformation," said Karim Hajjar, Solvay's Chief Financial Officer. "This issue further strengthens Solvay's capital structure following the acquisition of Chemlogics, and maintains liquidity at cautious levels ahead of upcoming large debt maturities".
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