Date: 4 February 2002
Solutia Inc. announced that it intends to promptly commence an offering of Upper DECS. The Upper DECS consist of five-year senior notes and three-year forward purchase contracts to purchase shares of Solutia common stock.
Net proceeds from the sale of Upper DECS are expected to be approximately $100 million, which will be used for the partial repayment of outstanding borrowings under Solutia's $800 million revolving credit facility.
The Upper DECS will be offered through a prospectus supplement pursuant to Solutia's effective shelf registration statement in an offering book-managed by Salomon Smith Barney, jointly lead-managed by Bear, Stearns & Co. Inc., and co-managed by Banc of America Securities LLC and Morgan Stanley. Following this offering, Solutia expects to issue additional debt securities under its shelf registration statement.
Solutia
2002-02-04T12:00:00
Solutia announces proposed offering of Upper DECS
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