Solutia Issues Debt, Refinances Credit, to Help Fund Acquisition (Update)

Solutia will issue $300 million in new senior debt in a public offering, the company announced today. The debt, which will be due in 2020, will be used to help fund the acquisition of solar cell encapsulant maker Etimex Solar, which was announced yesterday. The new debt will carry an interest rate of 7.875% and the offering will close on March 9. The company is also replacing its current senior term loan with a new senior secured facility worth $1.05 billion. The new facility will be composed of a $750 million term loan due 2017, and a $350 million line of credit...

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