Solvay has been awarded the following ratings:

  Long term Short term Outlook
Standard & Poor’s (May 8, 2017) BBB A2 stable
Moody's (August 3, 2017) Baa2 P2 stable

Debt issuance programs

  • Belgian Treasury Bill program (€1.5 billion)
  • US Commercial Paper program (USD 500 million, unused at the end of 2016).

The higher ceiling of these two programs is covered by a back-up credit line that amounts in total to ~€3 billion, of which bilateral (~€1 billion) and multilateral (€2 billion).

Actual Loans and Bond Issues

  Issuer Nominal Coupon Maturity length Initial Maturity Documentation
Hybrid bond (equity IFRS) Solvay SA (Belgium) €300 million 4.25% 5.25 years 2024 Prospectus EN
Senior USD note Solvay Finance (America), LLC (US) $800 million 3.40% 5 years 2020 Prospectus EN
Senior EUR note Solvay SA (Belgium) €750 million 1.63% 7 years 2022 Prospectus EN
Senior USD note Cytec Industries Inc. (US) $196 million 3.50% 9 years 2023 Press release
Senior USD note Cytec Industries Inc. (US) $163 million 3.95% 11 years 2025 Press release
Senior USD note Solvay Finance (America), LLC (US) $800 million 4.45% 10 years 2025 Prospectus EN
Senior EUR note Solvay SA (Belgium) €500 million 2.75% 12 years 2027

Prospectus EN

Hybrid Bond (equity IFRS) Solvay Finance SA (France) €500 million 5.12% 5.5 years* 2021* Prospectus EN
Hybrid Bond (equity IFRS) Solvay Finance SA (France) €500 million 5.43% 10 years*  2023* Prospectus EN
Hybrid Bond (equity IFRS) Solvay Finance SA (France) €500 million 5.87% 8.5 years*  2024* Prospectus EN

* Maturity to first call 

Bonds and EMTN are listed on the Luxembourg Stock Exchange, except those with the ** (issued by Cytec Industries Inc).

Matured, Called or Redeemed Loans and Bond issues in last 5 years

  Issuer Nominal Coupon Actual Redemption Maturity Documentation
Hybrid Bond (equity IFRS) Solvay Finance SA (France) €700 million 4.20% 2019 2019 Prospectus EN
Senior USD note Rhodia SA (France) $400 million 6.88% 2014 2020 Prospectus
Senior EUR note Rhodia SA (France) €500 million 7.00% 2014 2018 Prospectus
EMTN EUR note Solvay SA (Belgium) €500million 4.625%   2017/2018

Press release

Prospectus 
€300 mil (2003) EN 
€200 mil (2008) EN

Floating Rate Note EUR  Solvay SA (Belgium) €1000 million 3-month EURIBOR+82 bps   2017 Prospectus EN
Senior USD Cytec Industries Inc. (US) $82.2 million 8.95%   2017 Prospectus
Deeply subordinated EUR note Solvay Finance SA (France) €500 million 6.38% 2016 2014 Prospectus EN
European Investment Bank EUR loan Solvay SA (Belgium) €300 million 3.90%   2016 Prospectus EN
Retail EUR note Solvay SA (Belgium) €500 million  5.01%   2015 Prospectus EN
EMTN EUR note Solvay SA (Belgium) €500 million 4.99%   2014 Prospectus EN

 

Available liquidity

Bilateral commited credit lines with several banking partners for a total amount of ~€1 billion

€2 billion multilateral committed credit facility

  • Main Borrower: Solvay SA
  • Maturity: 2022 with extention options until 2024
  • Purpose: General Purpose
  • Financial covenants: None
  • MAC clause: None

Financial risk

Financial Risk is defined as the exposure to risks regarding liquidities, foreign exchanges, interest rates and counterparties (credit risk), as well as failure to fund pension obligations and tax risk. Tax compliance risk and transfer-pricing risk are described in the Annual Report.