Solutia to get new debt financing for purchase of Etimex Solar

By Sara Rosenberg

New York, March 1 - Solutia Inc. plans to get new debt financing to help fund its acquisition of Etimex Solar GmbH from Etimex Holding GmbH, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Other financing for the €240 million acquisition will come from existing cash.

Closing on the transaction is expected to take place in the second quarter, subject to customary conditions, including receipt of governmental approvals.

Deutsche Bank Securities Inc. and Kirkland & Ellis LLP acted as advisors on this transaction.

Solutia is a St. Louis-based performance materials and specialty chemicals company. Etimex Solar is a supplier of ethylene vinyl acetate encapsulants to the photovoltaic market.

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