Chemical maker, Solutia, is looking for a $700 million loan to refinance bank debt raised in March, Bloomberg reports. The term loan is expected to have an interest rate of 2.75% and will be due in August 2017.

Deutsche Bank has been appointed to arrange the loan. The Missouri-based company’s existing $850 million term loan, due March 2017, carries a coupon rate of 3.25%.

Click here for the story from Bloomberg.