Solutia completes refinancing

ERJ staff report (R&PN)

St. Louis -- Solutia Inc., parent of rubber chemicals supplier Flexsys, has refinanced by closing a $1.15 billion (around Euro 841 million) senior secured credit facility.

The credit facility consists of an $850 million term loan B maturing in 2017 and a $300 million revolving credit facility maturing in 2015.

Solutia said the proceeds of the new term loan and existing cash on the balance sheet will be used to repay the company's existing $876 million term loan. The revolving credit facility will replace Solutia's existing asset backed revolver, will be undrawn at close and provide additional liquidity for the company.

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Rubber & Plastics News (a Crain publication)

Press release from Solutia