Solutia Inc. has received a firm commitment from a lender to refinance its existing revolving credit facility and anticipates finalizing the
transaction shortly. Further information regarding the company's new credit
facility will be provided at the time the transaction is consummated.
In the interim, to facilitate the finalization of legal documentation, the company
sought and received, at no additional fee, an amendment granting relief from
certain financial covenants in its existing $300 million revolving credit
facility for the period of Sept. 30, 2003 through Oct. 8, 2003.