Solutia Completes Offering of 20,564,891 Shares at $5 Per Share
June 18 2009 - 10:37PM
PR Newswire (US)
ST. LOUIS, June 18 /PRNewswire-FirstCall/ -- Solutia Inc.
(NYSE:SOA) today announced it has completed a public offering of
20,564,891 shares of its common stock at a price of $5.00 per share
for gross proceeds of approximately $103 million. Solutia is using
the net proceeds to fully repay its $74 million German term loan
and for general corporate purposes. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081029/AQW096LOGO) As part of
the offering, Harbinger Capital Partners Master Fund I, Ltd. and
Harbinger Capital Partners Special Situation Fund, L.P. have,
collectively, sold 7,260,109 million shares of their Solutia common
stock at a price of $5 per share. Solutia will not receive any
proceeds from the sale of shares by Harbinger. Solutia expects to
close the transaction on or about June 24, 2009, and the closing is
subject to customary conditions. Jefferies & Company, Inc.
acted as sole book-running manager for the transaction, and has the
option to purchase from Solutia up to an additional 4,173,750
additional shares to cover over-allotments, if any, within 30 days.
A shelf registration on Form S-3 relating to these securities was
filed with the Securities and Exchange Commission and became
effective on July 25, 2008. Copies of the prospectus supplement
relating to these securities may be obtained, when available, from
Jefferies & Company, Inc., 520 Madison Avenue, New York, NY
10022 or by calling 1-888-449-2342. Forward Looking Statements This
press release contains forward-looking statements, including, but
not limited to statements about projected financial performance,
which can be identified by the use of words such as "believes,"
"expects," "may," "will," "intends," "plans," "estimates" or
"anticipates," or other comparable terminology, or by discussions
of strategy, plans or intentions. These statements are based on
management's current expectations and assumptions about the
industries in which Solutia operates and Solutia's ability to raise
additional funds which is subject to market conditions.
Forward-looking statements are not guarantees of future performance
and are subject to significant risks and uncertainties that may
cause actual results or achievements to be materially different
from the future results or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the accuracy of our assumptions, the
ability of third parties to finance an acquisition, and those risk
and uncertainties described in Solutia's most recent Annual Report
on Form 10-K, including under "Cautionary Statement About Forward
Looking Statements" and "Risk Factors", and Solutia's quarterly
reports on Form 10-Q. These reports can be accessed through the
"Investors" section of Solutia's website at
http://www.solutia.com/. Solutia disclaims any intent or obligation
to update or revise any forward-looking statements in response to
new information, unforeseen events, changed circumstances or any
other occurrence. Corporate Profile Solutia is a market-leading
performance materials and specialty chemicals company. The company
focuses on providing solutions for a better life through a range of
products, including: Saflex(R) interlayer for laminated glass;
CPFilms(R) aftermarket window films sold under the LLumar(R) brand
and others; and technical specialties including the Flexsys(R)
family of chemicals for the rubber industry, Skydrol(R) aviation
hydraulic fluid and Therminol(R) heat transfer fluid. Solutia's
businesses are world leaders in each of their market segments. With
its headquarters in St. Louis, Missouri, USA, the company operates
globally with approximately 3,100 employees in more than 60
locations. More information is available at http://www.solutia.com/
. http://www.newscom.com/cgi-bin/prnh/20081029/AQW096LOGO
http://photoarchive.ap.org/ DATASOURCE: Solutia Inc. CONTACT:
Media, Dan Jenkins, +1-314-674-8552, or Investors, Susannah
Livingston, +1-314-674-8914, both for Solutia Inc. Web Site:
http://www.solutia.com/
Copyright