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GenCorp Announces Five Year Financing Agreement

24 August 1999

GenCorp Announces Five Year Financing Agreement for Proposed Spin-Off Company

    FAIRLAWN, Ohio, Aug. 24 -- GenCorp today reported
the pre-closing of a five year, $300 million revolving credit agreement for
its planned spin-off company, OMNOVA Solutions Inc.  The final closing of the
facility will occur simultaneously with the spin-off of OMNOVA Solutions into
a separate public company.  Fourteen banks participated in the agreement, with
Bank of America acting as agent for the transaction.
    "We are very pleased with the response we received on this initial
financing agreement for OMNOVA Solutions," said John Yasinsky, GenCorp
Chairman and CEO.  "It will provide the new company with the necessary
financial flexibility to pursue our strategies for value-creating growth."
The credit facility will be utilized to fund a dividend to GenCorp at the time
of the distribution of OMNOVA Solutions shares to GenCorp shareholders and
will also be available for future working capital, capital expenditures, and
acquisition needs.
    GenCorp is a $1.7 billion technology-based manufacturer which also holds
leading positions in markets served by its Performance Chemicals, Decorative &
Building Products and Vehicle Sealing businesses, and its aerospace and
defense segment, Aerojet.