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Solutia subsidiary loan up to $74 million, pricing Libor plus 850 bps
By Sara Rosenberg
New York, April 29 - Solutia Inc.'s German subsidiary, Flexsys Verkauf GmbH, upsized its two-year senior unsecured term loan to $74 million from $50 million, according to a market source.
In addition, the loan priced at Libor plus 850 basis points with a 3.5% Libor floor and an original issue discount of 95.
At launch, pricing on the term loan was indicated at 12% plus an original issue discount that was still to be determined. It was unknown whether final pricing would end up as a fixed rate or a floating rate.
Jefferies is the lead bank on the deal that was done off of the high-yield desk and syndicated through one-on-one roadshows.
Proceeds will be used to provide additional liquidity to parent company Solutia.
Flexsys is a producer of a chemical used in tire manufacturing. The company has an 85% market share in Europe.
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