Solutia announces proposed offering of Upper DECS

Solutia Inc. announced that it intends to promptly commence an offering of Upper DECS. The Upper DECS consist of five-year senior notes and three-year forward purchase contracts to purchase shares of Solutia common stock.

Net proceeds from the sale of Upper DECS are expected to be approximately $100 million, which will be used for the partial repayment of outstanding borrowings under Solutia's $800 million revolving credit facility.

The Upper DECS will be offered through a prospectus supplement pursuant to Solutia's effective shelf registration statement in an offering book-managed by Salomon Smith Barney, jointly lead-managed by Bear, Stearns & Co. Inc., and co-managed by Banc of America Securities LLC and Morgan Stanley. Following this offering, Solutia expects to issue additional debt securities under its shelf registration statement.

600450 Solutia announces proposed offering of Upper DECS

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