Home / Knowledge / News / Textiles / Solvay redeems high-yield notes early to reduce gross debt
Solvay redeems high-yield notes early to reduce gross debt
03
Apr '14
Solvay announces that its affiliate Rhodia SA will redeem in advance its two high-yield senior notes as part of the Group's aim to significantly reduce its gross debt.
 
Rhodia SA has notified the bond holders of its decision to fully and irrevocably redeem its €500 million high-yield notes, with an annual interest rate of 7 percent and due in 2018, as well as its US$400 million high-yield notes, with an interest rate of 6.875 percent and due in 2020. Solvay will simultaneously repay the notes on May 15th with its available cash.
 
"Solvay is proactively managing its capital structure aiming to optimize asset efficiency while maintaining appropriate liquidity levels. By June 2015, Solvay will have halved its gross debt, paying off 1.8 billion euros within 18 months," said Karim Hajjar, Solvay's Chief Financial Officer. "As a result, Solvay will accelerate a reduction of net interest charges and of negative carry."
 

Solvay


Interviews View All

Headhonchos, Textiles & allied industry

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search