Solutia Inc announced that it is planning to offer $400 million aggregate principal amount of senior unsecured notes, which are expected to mature in 2016.
As previously announced by Solutia on October 31, 2007, the notes offering is part of a $2.0 billion exit financing package that would be used to pay certain creditors upon Solutia's emergence from Chapter 11 pursuant to its confirmed plan of reorganization, and for the ongoing operations of the company after emergence.
As part of this exit financing package, Solutia also intends to enter into a senior secured asset-based revolving credit facility in the aggregate principal amount of $400 million and a senior secured term loan facility in an aggregate principal amount of $1.2 billion.
The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.
The notes will be governed by an indenture that is expected to contain covenants restricting Solutia's ability to, among other things, incur indebtedness, pay dividends, incur liens, and sell assets.
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