Solvay SA said it has completed the placement of its inaugural bond transaction on March 27. This transaction represents another important milestone for the company after the partial demerger of its specialty businesses in December 2023, Solvay added.
The company’s CFO Alexandre Blum said that “this key transaction strengthens the capital structure of Solvay and gives the company the financial stability to execute its strategy in this new phase of its journey.”
The bond has two tranches — a 4-year, €750 million tranche maturing on April 3, 2028, and a 7.5-year, €750 million tranche maturing on Oct. 3, 2031 — with coupons of 3.875% and 4.250%, respectively, the company said.
The participation was “exceptional,” with more than 250 and 300 investors in the 4-year tranche and the 7.5-year tranche, respectively, Blum said. “This contributed to a transaction nearly 6 times oversubscribed, a clear testimony of the continuous support and confidence from institutional investors in Solvay’s vision and strategy,” Blum added.
Both bonds will be rated BBB- by S&P Global, matching Solvay’s long-term credit rating, the company said, adding that bond settlement is scheduled for April 3, with trading expected to begin on the Euro MTF market of the Luxembourg Stock Exchange around the same time.
The proceeds will be used for general corporate purposes, including the refinancing of the €1.5 billion bridge facility set up at the end of 2023 in relation to the partial demerger, the company said.
by Sotirios Frantzanas
Source: chemweek.com
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.