Solutia files with SEC to issue equity

On 11 March US Solutia, Inc. filed with the US Securities And Exchange Commission a shelf registration statement to issue up to US$ 800 million in equity and debt securities. The company said it expec…

On 11 March US Solutia, Inc. filed with the US Securities And Exchange Commission a shelf registration statement to issue up to US$ 800 million in equity and debt securities. The company said it expected some of the net proceeds will be used to reduce borrowings under its bank credit facility, “and that affiliates of some of the lenders under that facility will participate in offerings of the securities as underwriters.” Solutia said it expected the remainder of the proceeds to go toward repayment of some existing short-term and long-term debt; capital expenditures; additional working capital; acquisitions; and general corporate purposes.