Solutia announces plans to refinance its senior secured credit facilities

Solutia, St. Louis, today [March 2] announced that it will commence a $1.05 billion senior secured financing to replace its existing senior secured term loan facility due February 2014 and its existing senior secured ABL facility due February 2013. A portion of the net proceeds from the refinancing may be used to partially fund Solutia's recently announced acquisition of Etimex Solar GmbH, according to a March 2 Market watch report.