Rhodia will carry on reporting as funds deny consent

20 Dec 2011

Solvay, the Belgian chemical company that bought high yield issuer Rhodia in September, has failed in its attempt to persuade investors to let it stop producing separate financial reports for Rhodia.

Credit Suisse had conducted a consent solicitation for the issuer, between December 8 and 16, seeking investors’ permission to stop the reports. Rhodia’s €500m 7% 2018 bond and $400m 6.875% 2020 deal were rated Ba3/BB until the takeover by A3/A- rated Solvay.

Since then, both Solvay and Rhodia’s debt ...

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