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Solvay redeems more than $1 billion in high-yield notes

9:37 AM MDT | April 3, 2014 | Francinia Protti-Alvarez

Rhodia, a Solvay affiliate, will redeem in advance its two high-yield senior notes as part of the group's aim to reduce significantly its gross debt, Solvay announced today. Rhodia has notified the bond holders of its decision to redeem fully and irrevocably its €500-million ($689 million) high-yield notes, with an annual interest rate of 7% and due in 2018, as well as its $400-million high-yield notes, with an interest rate of 6.875% and due in 2020, the company says. Solvay will simultaneously repay the notes on 15 May with its available cash.  ...

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