Solutia (SOA) Registers 10M Shares for Resale; Reaffirms FY09 Outlook

March 6, 2009 9:34 AM EST

Solutia Inc. (NYSE: SOA) filed an S-3 registration statement to provide the flexibility to contribute Solutia stock instead of cash to its U.S. pension plans in the future. There is no assurance that any shares will be issued and contributed to the pension plans. The purpose of the registration statement is to register for resale up to 10,000,000 shares of Solutia common stock, which may be contributed to its U.S. pension plans to satisfy some or all of Solutia's obligations, from time to time, if such a decision is subsequently made. Once effective, the registration statement could be used by the U.S. pension plans to resell such shares, if any, over a three year period.

Separately, Solutia also reaffirmed its FY09 adjusted EBITDA guidance from continuing operations of $325 million to $350 million and its full-year 2009 total cash from operations less capital expenditures guidance of $25 million to $75 million.

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