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Dave Drillock
VP and CFO
(973) 357-3249
Jeff Fitzgerald
Treasurer
(973) 357-3480
Cytec Announces $400 Million Debt
Offering
Woodland Park, New Jersey, Feb. 26, 2013 — Cytec Industries
Inc. (“Cytec” or the “Company”) (NYSE:CYT) announced today that
it plans to offer $400 million of senior notes due 2023 in an
underwritten public offering.
Cytec intends to use the net proceeds from this offering (1) to
fund tender offers for up to $175 million aggregate principal
amount of the Company’s 6.0% Notes due 2015 and 8.95% Notes due
2017 based on prices to be determined, including the payment of
accrued interest and any applicable early tender premium and (2)
to pay the redemption price for its 4.60% Notes due 2013,
including the payment of accrued interest and the make-whole
premium. Cytec intends to add any remaining net proceeds
to general corporate funds that may be used for, without
limitation, the repayment of short-term borrowings or other debt
or any other general corporate purpose. Cytec expects to
announce that it is commencing these tender offers in a separate
press release issued upon commencing such tender offers.
Cytec expects to announce the redemption of its 4.60% Notes due
2013 in a separate press release to be issued following the
pricing of the offering of senior notes due 2023. The
completion of each such tender offer will be subject to
customary closing conditions.
Citigroup Global Markets Inc., RBS Securities Inc. and Wells
Fargo Securities, LLC are serving as joint book running managers
for the offering.
The notes are being offered pursuant to the Company’s shelf
registration statement, which became automatically effective
upon filing today with the Securities and Exchange Commission.
The offering will be made only by means of a preliminary
prospectus supplement and accompanying prospectus describing the
terms of the offering will be filed with the Securities and
Exchange Commission. When available, copies of the
preliminary prospectus supplement and accompanying prospectus
for the offering may be obtained from: Citigroup Global Markets
Inc. toll-free at 800-831-9146, RBS Securities Inc. at
877-297-9832 or Wells Fargo Securities, LLC at 866-309-6316.
This announcement does not constitute an offer to purchase or a
solicitation of an offer to sell securities, nor shall there be
any sales of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities law of such
jurisdiction. The tender offers, if made, will be made
solely by means of an Offer to Purchase and a 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 for such tender offers, 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” 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. Cytec disclaims any
obligation to update or revise any forward-looking statements.
Corporate Profile
Cytec’s vision is to deliver specialty material and
chemical technologies beyond our customers’ imagination. Our
focus on innovation, advanced technology and application
expertise enables us to develop, manufacture and sell products
that change the way our customers do business. Our pioneering
products perform specific and important functions for our
customers, enabling them to offer innovative solutions to the
industries that they serve. Our products serve a diverse range
of end markets including aerospace and industrial materials,
mining and plastics.
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