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Solutia Reports Third Quarter 2009 Results
Date:10/26/2009

elling prices.

Unallocated and Other

Unallocated and other losses decreased $3 million to $12 million compared to the third quarter 2008, primarily attributable to lower corporate expenses partially offset by currency transaction losses.

Leverage and Liquidity

For the third quarter of 2009, the Company reduced net debt by $21 million to $1,087 million and had liquidity of $225 million. Cash provided by continuing operations before reorganization activities less capital expenditures for the nine months ended September 2009 was $96 million compared to $42 million for the same period in 2008. The year over year improvement in cash flow was primarily attributed to lower payments on interest, taxes and post-retirement obligations, lower working capital levels and reduced payout on the company's annual cash incentive plan, partially offset by higher cash payments on restructuring activities.

"We continue to focus on cash generation, liquidity and the balance sheet to ensure we have a strong financial foundation upon which the Company can continue to grow and improve its operations," said James M. Sullivan, executive vice president and chief financial officer. "Of particular note, on October 15, we successfully completed a public offering of $400 million of senior unsecured notes due 2017, which, among other things, improves our capital structure and better aligns with our specialty chemical peers. The notes were issued at par and bear an annual rate of interest of 8.75 percent. Net proceeds to the Company after fees and expenses were $391 million, with $300 million used to prepay our senior secured term loan and the remaining balance retained for general corporate purposes. Importantly, in conjunction with this prepayment, Solutia received lender approval for amendments to its Term Loan and Revolving credit agreements which will improve the company's strategic, operational and financial f
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SOURCE Solutia Inc.
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