PolyOne Announces Plans for Debt Refinancing

April 15, 2003

CLEVELAND, April 16, 2003 (PRIMEZONE) -- PolyOne Corporation
(NYSE: POL), a leading global polymer services company, announced
today plans to complete a debt refinancing early in May
2003. The refinancing is expected to provide the necessary
liquidity to repay $87.8 million of senior debt that matures
in September 2003, as well as to support normal operations
and fund previously announced restructuring initiatives
intended to improve earnings.

The refinancing anticipates the issuance of $250 million
in new long-term debt; a revised, three-year, $50 million
secured revolving credit facility; and a new, three-year,
$225 million accounts receivable sale facility. These new
facilities will be used to retire the September 2003 maturity
along with PolyOne's existing revolver and receivables sale
facility. The new receivables sale facility will exclude
any debt ratings trigger, which exists in the current facility.

About PolyOne

PolyOne Corporation, with 2002 revenues of $2.5 billion,
is an international polymer services company with operations
in thermoplastic compounds, specialty resins, specialty
polymer formulations, engineered films, color and additive
systems, elastomer compounding and thermoplastic resin distribution.
Headquartered in Cleveland, Ohio, PolyOne has employees
at manufacturing sites in North America, Europe, Asia, and
Australia, and joint ventures in North America, South America,
Europe, Asia and Australia. Information on the Company's
products and services can be found at http://www.polyone.com.

Forward-Looking Statements

In this press release, statements that are not reported
financial results or other historical information are ``forward-looking
statements'' within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
give current expectations or forecasts of future events
and are not guarantees of future performance. They are based
on management's expectations that involve a number of business
risks and uncertainties, any of which could cause actual
results to differ materially from those expressed in or
implied by the forward-looking statements. You can identify
these statements by the fact that they do not relate strictly
to historic or current facts. They use words such as ``anticipate,''
``estimate,'' ``expect,'' ``project,'' ``intend,'' ``plan,'' ``believe''
and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance.
In particular, these include statements relating to future
actions; prospective changes in raw material costs, product
pricing or product demand; future performance or results
of current and anticipated market conditions and market
strategies; sales efforts; expenses; the outcome of contingencies
such as legal proceedings; and financial results. Factors
that could cause actual results to differ materially include,
but are not limited to: (1) an inability to achieve or delays
in achieving estimated and actual savings related to restructuring
programs; (2) delays in achieving or inability to achieve
the Company's strategic value capture initiatives, including
cost reduction and employee productivity goals, or achievement
of less than the anticipated financial benefit from the
initiatives; (3) the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local businesses and
other political, economic and regulatory risks; (4) changes
in U.S., regional or world polymer and/or rubber consumption
growth rates affecting the Company's markets; (5) changes
in global industry capacity or in the rate at which anticipated
changes in industry capacity come online in the polyvinyl
chloride (PVC), chlor-alkali, vinyl chloride monomer (VCM)
or other industries in which the Company participates; (6)
fluctuations in raw material prices, quality and supply
and in energy prices and supply, in particular fluctuations
outside the normal range of industry cycles; (7) production
outages or material costs associated with scheduled or unscheduled
maintenance programs; (8) costs or difficulties and delays
related to the operation of joint venture entities; (9)
lack of day-to-day operating control, including procurement
of raw materials, of equity or joint venture affiliates;
(10) partial control over investment decisions and dividend
distribution policy of the OxyVinyls partnership and other
minority equity holdings of the Company; (11) an inability
to launch new products and/or services that strategically
fit the Company's businesses; (12) the possibility of goodwill
impairment; (13) an inability to maintain any required licenses
or permits; (14) an inability to comply with any environmental
laws and regulations; (15) a delay or inability to achieve
to achieve targeted debt levels through divestitures or
other means; (16) a delay or inability to replace the Company's
current receivables sale facility by June 30, 2003; and
(17) a delay or an inability to complete new long-term debt

We cannot guarantee that any forward-looking statement will
be realized, although we believe we have been prudent in
our plans and assumptions. Achievement of future results
is subject to risks, uncertainties and inaccurate assumptions.
Should known or unknown risks or uncertainties materialize,
or should underlying assumptions prove inaccurate, actual
results could vary materially from those anticipated, estimated
or projected. Investors should bear this in mind as they
consider forward-looking statements.

We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future
events or otherwise. You are advised, however, to consult
any further disclosures we make on related subjects in our
Form 10-Q, 8-K and 10-K reports to the Securities and Exchange
Commission. You should understand that it is not possible
to predict or identify all such factors. Consequently, you
should not consider any such list to be a complete set of
all potential risks or uncertainties. (Ref. #403)

clear=all> Contact:

PolyOne Corporation, Cleveland

Investor & Media Contact:

Dennis Cocco, Vice President, Investor Relations

& Communications