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Solutia Announces Completion of $1,150 Million Senior Secured Credit Facility
21 minutes ago (PR Newswire)
Solutia Inc. announced today that it has successfully closed a new $1,150 million senior secured credit facility , consisting of an $850 million term loan B maturing in 2017 and a $300 million revolving credit facility maturing in 2015. The Term Loan was issued at 99.5% of the principal amount and initial pricing is LIBOR plus 3.25 percent with a 1.50 percent floor, for a current coupon of 4.75 percent versus 7.25 percent under Solutia's existing term loan. Initial pricing on the Revolver is LIBOR plus 3.50 percent, with no LIBOR floor. Additionally, the interest spread on the Term Loan and Revolver is subject to a step-down based on net leverage as defined in the Credit Facility. The Credit Facility is guaranteed by Solutia's material U. S. subsidiaries.
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| Market Capitalization: | 46B | | Price
/ Earnings: | NM | | Price
/ Book: | 3.9 | | Net
Profit Margin (mrq): | 0.0% | | Price
To Free Cash Flow (mrq): | 19.6 | | Return
on Equity: | 0.1% | | Total
Debt / Equity: | 0.0 | | Dividend
Yield: | 1.3% |
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