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March 17, 2006 / 2:28 PM

Solutia's DIP loan gets bigger and cheaper

ST. LOUIS, March 17 (UPI) -- Bankrupt Solutia Inc. of St. Louis said Friday it enlarged its debtor-in-possession loan, cut the interest rate and extended the maturity.

Solutia, which makes interlayers for laminated glass, aftermarket window films, specialty chemicals and various nylon products, said it extended the credit facility by nine months to March 31, 2007, and increased its size by $300 million to $825 million.

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Further, Solutia achieved a 75-basis-point reduction on part of the loan.

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