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People & Business :: Companies

Solutia Completes Debt Refinancing

9:58 AM MST | March 4, 2011 | Vincent Valk

Solutia has completed the refinancing of its $850 million senior secured term loan, the company announced today. The company has paid down $150 million of the old loan in cash over the past year, and will refinance the rest with a new $700 million senior secured term loan. The new loan will carry a 3.5% interest rate, one percent lower than the old loan. The moves will reduce Solutia's annual interest expense by about $7 million, the company says. As a result of the refinancing, Standard & Poor's (S&P; New York) has raised Solutia's corporate credit...

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