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Contact:
Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Industries Inc. Announces
Expiration and Final Results of its Tender Offer for its 4.60%
Notes Due July 1, 2013
Woodland Park, New Jersey, July 29, 2009 – Cytec Industries Inc.
(NYSE:CYT) today announced the expiration and final 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 5.50% Notes due October 1, 2010 (the “Any and All Tender
Offer”), of its 4.60% Notes due July 1, 2013 (the “Maximum
Tender Offer”). The Maximum Tender Offer was 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
offer and a related offer.
As of 12:00 a.m., New York City time, on July 29, 2009, the
aggregate principal amount of 2013 Notes tendered was
$70,123,000. As previously announced, Cytec accepted
$234,590,000 principal amount of 2010 Notes in the Any and All
Tender Offer. Because the aggregate principal amount of 2013
Notes tendered exceeded the Maximum Tender Amount, notes will be
purchased on a pro rata basis. As a result, Cytec accepted
$15,410,000 in principal amount of 2013 Notes for payment, with
settlement expected today. The proration factor, as determined
pursuant to the Offer to Purchase, is approximately 22%.
Holders, whose 2013 Notes have been accepted for payment and who
tendered before the “Early Tender Date” of 5:00 p.m., New York
City time, on July 14, 2009, will receive $950 per $1,000
principal amount of notes accepted for payment, which includes
the Early Tender Premium of $20 per $1,000 principal amount.
Holders, whose 2013 Notes have been accepted for payment and who
tendered after the Early Tender Date, will receive $930 per
$1,000 principal amount of notes accepted for payment.
Citi, RBS Securities Inc. and Wells Fargo Securities served as
dealer managers for the tender offers. Global Bondholder
Services Corporation served as the depositary and 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.
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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