Solutia Secures $2B In Exit Financing

Law360, New York (November 1, 2007, 12:00 AM EDT) -- Moving one step closer to emerging from Chapter 11 bankruptcy protection, Solutia Inc. has secured exit financing, receiving commitments from several underwriters to provide $2 billion to pay creditors.

The company said Wednesday that Citigroup Inc., Goldman Sachs and Deutsche Bank would underwrite the $2 billion loan, which will include a $400 million senior secured loan, a $1.2 billion senior secured term loan and a $400 million unsecured bridge loan.

Solutia said that it would use the funds to pay certain creditors and to bankroll the...
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