Solvay-Sodi, a Bulgarian soda ash producer and a unit of the Belgian company, Solvay, has worked out a three-year debt financing programme, envisaging short-term commercial paper issues. The soda ash …
Solvay-Sodi, a Bulgarian soda ash producer and a unit of the Belgian company, Solvay, has worked out a three-year debt financing programme, envisaging short-term commercial paper issues. The soda ash producer placed its third issue of 17 million levs (US$ 7.9 million/EUR 8.7 million) on 12 January 2001. Its fourth commercial paper offer is expected by the end of February. The Bulgarian government has agreed that Solvay could reschedule its investments in the Devnya-based Solvay Sodi, the company“s Bulgarian unit. The privatisation contract for the company envisaged that Solvay should invest a total of US$ 67 million (EUR 74 million) over a five-year period. The rescheduling of the investments was demanded due to a drop in soda ash sales.