Syensqo replaces Solvay as issuer under hybrid bonds, 2027 bonds

By Marisa Wong

Los Angeles, Dec. 11 – Solvay SA notified holders of two series of bonds that the previously approved issuer substitution is now effective.

Solvay launched in August a solicitation of consents from holders of its €500 million undated deeply subordinated fixed-to-reset rate perpetual non-call 5.5-year bonds with a first call date on Dec. 2, 2025 (ISIN: BE6324000858) and €500 million 2.75% fixed-rate bonds due Dec. 2, 2027 (ISIN: BE6282460615) to substitute the issuer and amend the conditions.

The company was also asking for a waiver relating to a partial demerger. The partial demerger resulted in one entity keeping the Solvay name and a new entity called Syensqo SA.

Separate meetings for the bonds were held on Sept. 5. The meetings were quorate, and the extraordinary resolution was passed at each of the meetings.

Solvay announced on Monday that the issuer substitution and the partial demerger became effective on Dec. 9.

As a result, Syensqo has been substituted in place of Solvay as issuer and principal debtor in respect of the hybrid bonds and the 2027 bonds. Accordingly, Solvay has been released from any and all of its obligations as issuer and principal debtor.

Following the issuer substitution, both series of bonds will continue to be listed on the Luxembourg Stock Exchange, and the ISIN codes will remain unchanged.

Solvay is a Brussels-based chemical manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.