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

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
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
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
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.