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Solvay Finance launches tender offer for €500 million perpetuals
By Marisa Wong
Los Angeles, Aug. 25 – Solvay Finance is inviting holders of its outstanding €500 million undated deeply subordinated fixed-to-reset-rate perpetual non-call 5.5-year bonds guaranteed by Solvay SA (ISIN: XS1323897485) to tender any and all of their bonds for purchase for cash.
The offer will expire at noon ET on Sept. 1, according to a company press release.
Solvay is offering to purchase the bonds at 103.75, along with accrued interest to but excluding the settlement date.
The offer is expected to settle on Sept. 4.
The tender offer is conditioned on Solvay SA issuing new euro-denominated undated deeply subordinated bonds.
Those participating in the tender offer may be given preferential allocation of the new bonds, the company noted.
The purpose of the tender offer and the planned issuance of new bonds is to, among other things, proactively manage the group’s hybrid capital.
Solvay said it may exercise the clean-up call option on the existing bonds if 90% or more of the aggregate principal amount of the bonds has been purchased under the 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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