Solutia pays down $50 million of term loan borrowings in January

By Sara Rosenberg

New York, Jan. 26 - Solutia Inc. repaid $50 million of its term loan this month and another $50 million in the fourth quarter, according to a news release.

With these paydowns, the company's total debt reduction since June 30, 2010 is roughly $130 million.

"Moving forward, we anticipate additional voluntary debt repayments in line with our objective to reduce the company's gross debt to Adjusted EBITDA to approximately two times," said James M. Sullivan, executive vice president and chief financial officer, in the release.

Solutia is a St. Louis-based performance materials and specialty chemicals company.

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