Press Releases
Contact:
Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Industries Inc. Announces
Final Results of its Any and All Tender Offer for its 5.50%
Notes Due October 1, 2010 and Early Tender Date Results of its
Maximum Tender Offer for its 4.60% Notes Due July 1, 2013
Woodland Park, New Jersey, July 15, 2009 – Cytec Industries Inc.
(NYSE:CYT) today announced the final results of its offer to
purchase any and all of its 5.50% Notes due October 1, 2010 (the
“Any and All Tender Offer”). Cytec also announced the early
tender date results of its offer to purchase up to $250,000,000
in aggregate principal amount, less any amount accepted in the
Any and All Tender Offer, of its 4.60% Notes due July 1, 2013
(the “Maximum Tender Offer”) with a maximum repurchase amount of
$50,000,000 (the “Maximum Tender Amount”).
As of 5:00 p.m., New York City time, on July 14, 2009, the
aggregate principal amount of 2010 Notes tendered in the Any and
All Tender Offer was $234,590,000. All of the 2010 Notes that
were tendered have been accepted for payment by Cytec, with
settlement expected to occur today. The holders of the 2010
Notes that were accepted for purchase will be entitled to
receive tender offer consideration of $1,035 per $1,000
principal amount of the 2010 Notes, plus any accrued and unpaid
interest from and including the last interest payment date up
to, but not including, the settlement date.
Cytec received early tenders in respect of $70,039,000 aggregate
principal amount of 2013 Notes as of 5:00 p.m. New York City
time on July 14, 2009. Holders who have not already tendered the
2013 Notes may continue to do so at any time at or prior to
11:59 p.m. New York City time, on July 28, 2009 (the “Maximum
Tender Offer Expiration Date”), unless Cytec extends or earlier
terminates the Maximum Tender Offer. However, such holders will
not be entitled to receive any early tender premium, except in
the case of any 2013 Notes that were tendered prior to 5:00
p.m., New York City time, on July 14, 2009, and which are
ultimately accepted for purchase. Withdrawal rights for the
tender offers have expired. Based on the final results for the
Any and All Tender Offer, the remaining Maximum Tender Amount
for the Maximum Tender Offer is $15,410,000. Since the aggregate
principal amount of 2013 Notes tendered exceeds the remaining
Maximum Tender Amount, any 2013 Notes accepted for purchase will
be purchased on a pro rata basis, and notes that are not
purchased will be returned to the holders. The proration factor
cannot be determined until the Maximum Tender Offer Expiration
Date.
The Any and All Tender Offer was made, and the Maximum Tender
Offer is being made, pursuant to an Offer to Purchase dated June
30, 2009 (the "Offer to Purchase"), which sets forth a complete
description of the terms of the offers. Holders of 2013 Notes
are urged to read the Offer to Purchase and the related Letter
of Transmittal carefully before making any decision with respect
to the Maximum Tender Offer. The Maximum Tender Offer is
conditioned on the satisfaction of certain conditions set forth
in the Offer to Purchase.
Cytec has retained Citi, RBS Securities Inc. and Wells Fargo
Securities to serve as dealer managers for the tender offers.
Global Bondholder Services Corporation has been retained to
serve as the depositary and to serve as information agent.
For additional information regarding the terms of the tender
offers, please contact: Citi at (800) 558-3745 (toll free) or
(212) 723-6106 (collect), RBS Securities Inc. at (877)-297-9832
(toll free) or (203)-897-6145 (collect), or Wells Fargo
Securities at (866)-309-6316 (toll free) and (704)-715-8341
(collect). Requests for documents and questions regarding the
tender of securities may be directed to Global Bondholder
Services Corporation at (866) 540-1500 (toll free) or (212)
430-3774 (collect).
Copies of the Offer to Purchase and the Letter of Transmittal
related to the tender offers may also be obtained at no charge
from Global Bondholder Services Corporation.
None of Cytec, its board of directors, the information agent and
depositary or the dealer managers make any recommendation as to
whether holders of the notes should tender or refrain from
tendering the notes.
This announcement does not constitute an offer to purchase or a
solicitation of an offer to sell securities. The tender offers
are being made solely by means of the Offer to Purchase and the
related Letter of Transmittal. In any jurisdiction where the
laws require a tender offer to be made by a licensed broker or
dealer, the tender offers will be deemed to be made on behalf of
Cytec by the dealer managers, or one or more registered brokers
or dealers under the laws of such jurisdiction.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
forward-looking statements. 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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