Manufacturing Industry
Solutia gets loan; first-half sales up 9%.(News)
Plastics News, October, 2003
Byline: Frank Esposito Solutia Inc. has improved its financial footing with a new, $350 million revolving credit facility, but the St. Louis-based maker of nylon resin and fiber is not out of the woods yet. The new credit facility, announced Oct. 9, will be split between four banks and partially will be used to retire Solutia's former credit facility.
Solutia also received a $67 million letter of credit from Astaris LLC, a phosphate-making joint venture with FMC Corp. That credit will be used to reduce the joint venture's debt, officials said. After those deals, Solutia's unsecured debt will stand at $680 million. A $120 million interest payment is due next year. Solutia's overall first-half sales improved 9 percent to $1.2 billion compared with the...
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