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Contact:
Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Closes Debt Offering
Woodland Park, New Jersey, July 6, 2009 – Cytec Industries Inc.
(NYSE:CYT) today announced that it has closed an offering of
$250 million aggregate principal amount of 8.95% senior
unsecured notes due 2017.
As previously announced, Cytec intends to apply the net proceeds
from the sale of the notes toward the payment of the purchase
price in its tender offers for up to $250 million principal
amount of certain outstanding debt securities. Any remaining net
proceeds from the sale of the notes will be applied to general
corporate funds that may be used for, without limitation, the
repayment at maturity or repurchases of any remaining principal
amount of its 5.50% Notes due October 1, 2010, repayment of
short-term borrowings or other debt or any other general
corporate purpose.
David Drillock, Vice President and Chief Financial Officer said,
“We are pleased with the outcome of the debt offering and are
making excellent progress with our debt management, cash flow
generation and cost reduction initiatives.”
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Achieving the results
described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results
to differ materially, as discussed in Cytec’s filings with the
Securities and Exchange Commission.
Corporate Profile
Cytec Industries Inc. is a global specialty chemicals and
materials company focused on developing, manufacturing and
selling value-added products. Our products serve a diverse range
of end markets including aerospace, adhesives, automotive and
industrial coatings, chemical intermediates, inks, mining and
plastics. We use our technology and application development
expertise to create chemical and material solutions that are
formulated to perform specific and important functions in the
finished products of our customers.
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