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Not intended for U.S. Media – Solvay announces results of its tender offer to purchase bonds for cash

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

Solvay SA continues its deleveraging through the early redemption of bonds due in 2022

Brussels, 30 November 2021 --- Solvay SA (the “Issuer”) today successfully closed the tender offer on its outstanding EUR 750 million 1.625% bonds due 2022, by acquiring €372.5 million of senior debt, marking another step in the strong deleveraging that commenced in 2019.

As part of its G.R.O.W. strategy, Solvay has prioritised cash generation and, since January 2019, has generated €2.3 billion operationally, both from improving capital investment discipline and from managing working capital more effectively. This performance was supplemented by proceeds from divestments of around €1 billion as steps were taken to enhance the portfolio. This cash generation allowed Solvay to continue paying compelling dividends even during the Covid crisis of 2020, and it helped to fund a €2.4 billion reduction in debt and pensions. Additional steps are planned to further delever pensions by €0.3 billion in the next months.

Karim Hajjar, CFO of Solvay, commented: “Deleveraging and improving our balance sheet are an integral part of our strategic roadmap, and this new operation marks a new step forward for Solvay. Our strong focus on cash generation and on deleveraging has substantially de-risked Solvay’s balance sheet and contributed to the structural improvement in cash conversion that has been evident since 2019. Looking forward, the focus on cash generation will be maintained as we also continue to invest in our future growth with discipline.”

Results of tender offer to purchase bonds for cash

Following the closing of the tender offer on November 29, 2021, the Issuer publishes the results of the buyback operation related to its EUR 750,000,000 1.625% due 2022 (ISIN: BE6282459609) (the “Bonds”).

The Issuer today announces that it will accept all validly tendered Bonds for purchase in cash in an aggregate principal amount of EUR 372,500,000.

The details of the results are further described in the following link.

DISCLAIMER This press release does not constitute an offer to sell, or a solicitation of an offer to purchase or subscribe for, securities in any jurisdiction in which, or to any person to or from whom, it is unlawful. This press release must be read in conjunction with the tender offer memorandum. The distribution of this press release and the tender offer memorandum in certain jurisdictions may be restricted by law.

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