Solutia (SOA) to Sell 18.5M Shares in Equity Offering
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Solutia Inc. (NYSE: SOA) today announced it has initiated a public offering of up to 18.5 million shares of new common stock. Solutia would use the proceeds to fully repay its $74 million German term loan and for general corporate purposes.
As part of the offering, Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situation Fund, L.P. are, collectively, selling up to 6.5 million shares of their Solutia common stock. The company will not receive any proceeds from the sale of shares by Harbinger.
Jefferies & Company, Inc., is acting as sole book-running lead manager for the transaction, and will have an option to purchase up to an additional 15% of the total offered amount of common stock to cover over-allotments, if any, within 30 days.
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