March 3, 2010 (FinancialWire) — Solutia (NYSE: SOA) plans to launch a $1.05 billion senior secured financing to replace its existing senior secured term loan facility due February 2014 and its existing senior secured ABL facility due February 2013.

A portion of the net proceeds from the refinancing may be used to partially fund Solutia’s recently announced acquisition of Etimex Solar GmbH.

The proposed refinancing is expected to include a new senior secured $750 million term loan due 2017 and a new senior secured $300 million cash flow revolving credit facility due 2015.

Missouri-based Solutia is a performance materials and specialty chemicals company.

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