Bond information
Rating
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
- a Belgian Treasury Bill program (€1 billion, unused at the end of 2016) and a US Commercial Paper program (USD 500 million, unused at the end of 2016);
The higher ceiling of the two programs is covered by back-up credit line, that amount 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 | |
| EMTN EUR note | Solvay SA (Belgium) | €382 million | 4.63% | 15 years | 2018 |
Prospectus
|
| 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) | €700 million
| 4.20%
| 5.5 years*
| 2019* | 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 | |
| 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
|
| 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
|
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 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.