St. Louis-Solutia Inc. on 17 June initiated a public offering of up to 18.5-million shares of new common stock, with the proceeds to be used to fully repay its $74-million German term loan and for general corporate purposes. Harbinger Capital Partners Master Fund I Ltd. and Harbinger Capital Partners Special Situation Fund LP, as part of the offering, will collectively sell up to 6.5-million shares of their Solutia common stock, but Solutia will not receive any proceeds from those sales.
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