...June 5, 2019 PARIS (S&P Global Ratings) June 5, 2019--S&P Global Ratings today assigned its '###-' long-term issue rating to the proposed hybrid capital securities to be issued by Arkema S.A. (###+/Stable/A-2). The amount of the new hybrid remains subject to market conditions. The proceeds will be used to refinance partly Arkema's 700 million hybrid issued in 2014 with a first call date in October 2020. We understand that the remaining existing hybrid will stay on balance sheet until latest October 2020, its first call date, and that the company intends to maintain the hybrid capital in its funding structure. We expect the proposed securities to have intermediate equity content until 2024, 20 years before the instrument's effective maturity. This is because they meet our criteria in terms of subordination, permanence, and deferability at the company's discretion during this period. The proposed transaction structure will be launched as: - A new hybrid bond; and - A capped tender offer for...
