Solutia reaches agreement to extend credit facility at $600 million

New York, July 19 - Solutia, Inc. said it reached agreement in principal with its banks to extend the maturity of its revolving credit facility for two years until August 2004.

The extension will be at a reduced size of $600 million compared to $800 million at present.

The St. Louis, Mo. chemical company noted that the extension allows the release of approximately $200 million from its recent bond offering that is being held in escrow.

Solutia said it expects to close the extension of its credit facility by the end of the month.

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