Solvay has successfully completed the placement of its inaugural bond transaction, which represents another important milestone after the partial demerger of its Specialty Businesses in December 2023.

“This key transaction strengthens the capital structure of Solvay and gives the company the financial stability to execute its strategy in this new phase of its journey,” said Alexandre Blum, Solvay CFO.

“We are particularly pleased with the exceptional participation of more than 250 and 300 investors in the 4-year tranche and the 7.5-year tranche respectively. This contributed to a transaction nearly 6 times oversubscribed, a clear testimony of the continuous support and confidence from institutional investors in Solvay's vision and strategy".

The 4-year €750 million bond maturing on April 3rd, 2028, and the 7.5-year €750 million bond maturing on Oct 3rd, 2031, will have coupons of 3.875% and 4.250% respectively. Both bonds will be rated BBB- by S&P, matching Solvay's long-term credit rating. Bond settlement is scheduled for April 3, 2024, with trading expected to begin on the Euro MTF market of the Luxembourg Stock Exchange around the same time.

In alignment with its prudent financial policy, the proceeds will be used for general corporate purposes, including the refinancing of the €1.5 billion bridge facility set up at the end of 2023 in relation to the partial demerger.

BNP Paribas, BofA Securities, J.P. Morgan and Morgan Stanley acted as Global Coordinators for the transaction and as Joint Bookrunners together with Commerzbank, Crédit Agricole CIB, ING and KBC Bank.