Disclosed herein is a system comprising a first pump; a pelletization system that comprises an underwater pelletizer; where the pelletization system is located downstream of the first pump and is in fluid communication with it; a direct line that is located downstream of the first pump and upstream of the pelletization system; where the direct line does not contain a pump or a heat exchanger; and a bypass line that is located downstream of the first pump and upstream of the pelletization system; where the bypass line comprises a second pump; where the first pump is operative to discharge the polymer to the pelletization system via the direct line when the polymer has a melt viscosity greater than 105 centipoise; and where the first pump is operative to discharge the polymer to the pelletization system via the bypass line when the polymer has a melt viscosity less than 105 centipoise.