Harbinger sells Solutia shares as part of company's public offering

By Lisa Kerner

Charlotte, N.C., June 24 - Solutia Inc. shareholders led by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situation Fund, LP sold 7,260,109 shares of the company's stock on June 24 for $4.80 per share, according to a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

As previously reported, Harbinger said it was selling up to 6.5 million shares of its collective Solutia common stock alongside the company's public offering of up to 18.5 million shares of new common stock.

Proceeds from the Harbinger sale will not go to Solutia.

Solutia said proceeds from its part of the offering will be used to fully repay the company's $74 million German term loan and for general corporate purposes.

Harbinger beneficially owns 16,813,411 shares, or 14.1%, of the St. Louis-based performance materials and specialty chemicals company.

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