Bond information

Rating

Solvay has been awarded the following ratings:

Long termShort termOutlook
Standard & Poor’s (May 8, 2017)BBBA2stable
Moody's (August 3, 2017)Baa2P2stable

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 ~€2.4 billion of which bilateral (€350 million) and multilateral (€2.05 billion) – see detail below.

Actual Loans and Bond Issues

IssuerNominalCouponMaturity lengthInitial MaturityDocumentation
Floating Rate Note EUR
Solvay SA (Belgium)€1000 million3-month EURIBOR+82 bps2 years2017Prospectus EN
EMTN EUR noteSolvay SA (Belgium)€382 million4.63%15 years2018

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

Senior USD noteSolvay Finance (America), LLC (US)$800 million3.40%5 years2020Prospectus EN
Senior EUR noteSolvay SA (Belgium)€750 million1.63%7 years2022Prospectus EN
Senior USD noteCytec Industries Inc. (US)$196 million3.50%9 years2023Prospectus
Senior USD noteCytec Industries Inc. (US)$163 million3.95%11 years2025Prospectus
Senior USD noteSolvay Finance (America), LLC (US)$800 million4.45%10 years2025Prospectus EN
Senior EUR note
Solvay SA (Belgium)€500 million
2.75%12 years2027

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

IssuerNominalCouponActual RedemptionMaturityDocumentation
Senior USDCytec Industries Inc. (US)$82.2 million8.95%
2017Prospectus
Deeply subordinated EUR note
Solvay Finance SA (France)€500 million
6.38%
2016
2014Prospectus EN
European Investment Bank EUR loan
Solvay SA (Belgium)€300 million
3.90%
2016Prospectus EN
Retail EUR note
Solvay SA (Belgium)€500 million 
5.01%

2015Prospectus EN
EMTN EUR noteSolvay SA (Belgium)€500 million
4.99%
2014Prospectus EN
Senior USD noteRhodia SA (France)$400 million6.88%20142020Prospectus
Senior EUR noteRhodia SA (France)€500 million7.00%20142018Prospectus

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: 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.