Financing & rating

Rating

Solvay has been awarded the following ratings:

Long termShort termOutlook
Standard & Poor’s (December 11, 2015)BBB-A3stable
Moody's (July 30, 2015)Baa2P2negative

Debt Issuance Programs

  • a Belgian Treasury Bill program (€1 billion; 324 m€ issued at the end of 2015) and a US Commercial Paper program (USD 500 million, unused at the end of 2015); 
   The higher ceiling of the two programs is covered by back-up credit line , that amount in total to ~€2.4 billion of which    bilateral (€350 million) and multilateral (€2.05 billion) – see detail below.

  • a Euro Medium Term Note (EMTN) program up to a total aggregate amount of €2 billion: the basis for Solvay’s future medium and long term debt issuance in both international and domestic markets.

Loans and Bond Issues

NominalCouponInitial MaturityMaturityDocumentation
Loan EIB€300 mil3.90%7 years2016*Private
EMTN€500 mil4.625%15 years2018

€300 mil (2003) EN

€200 mil (2008) EN

Floating Rate Note EUR
€1000 mil3-month EURIBOR+82 bps2 years2017EN
Senior USD$800 mil3.40%5 years2020EN
Senior EUR€750 mil1.625%7 years2022EN
Senior USD$800 mil4.45%10 years2025EN
Senior EUR
€500 mil
2.75%12 years2027

EN

Hybrid Bond (debt IFRS)
€500 mil
6.375%
10 years**First call option exercised on June 2, 2016  
EN
Hybrid Bond (equity IFRS)
€700 mil
4.199%
5.5 years**
2019**EN
Hybrid Bond (equity IFRS)
€500 mil
5.118%5.5 years**2021**EN
Hybrid Bond (equity IFRS)
€500 mil
5.425%
10 years**
2023**EN
Hybrid Bond (equity IFRS)€500 mil
5.869%8.5 years**
2024**EN

* Repayment expected early January 2016

** Maturity to first call

Bonds and EMTN are listed on the Luxembourg Stock Exchange.

Available liquidity

  • Bilateral credit lines with several banking partners for a total amount of €350 million 
  • Multilateral credit facilities: €2.05 billion
  • €1.5 billion committed credit facility
    • Main Borrower: Solvay SA
    • Maturity: 2020 with extension possibility until 2021
    • Purpose: General Purpose
    • Financial covenants: None
    • MAC clause: None
  • €550 million committed credit facility
    • Main Borrower: Solvay SA
    • Maturity: 2018
    • Purpose: General Purpose
    • Financial covenants: None
    • MAC clause: None

Financial risk

Financial Risk defined as exposure to liquidity risk, foreign exchange risk, interest-rate risk, counterparty risk (credit risk), failure to fund pension obligations, and tax risk, mainly tax compliance risk and transfer-pricing risk, is described in the Annual Report.