The instant invention provides an improved process for producing pelletized polymer compositions, and pelletized polymer compositions. The process for producing a pelletized polymer composition according to the present invention comprises: (1) polymerizing one or more alpha-olefins in one or more solution reactors thereby producing a molten polymer composition comprising one or more solvents; (2) removing at least a portion of said one or more solvents thereby forming a polymer composition having a low solvent content (typically less than 1,000 parts of solvent per million of polymer on a weight basis); (3) removing heat from said polymer composition having low solvent content to a temperature in the range of equal to or greater than the crystallization point of the polymer composition having low solvent content to less than or equal to a temperature in the range of from (the crystallization point of the polymer composition having low solvent content+20° C.) thereby forming a viscous polymer melt; and (4) pelletizing said viscous polymer melt via an underwater pelletizer thereby forming said pelletized polymer composition.