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Cytec Industries begins tender offers for 5.5% notes, 4.6% notes
By Angela McDaniels
Tacoma, Wash., June 30 - Cytec Industries Inc. has begun tender offers for its $250 million principal amount of 5.5% notes due Oct. 1, 2010 and $187.7 million principal amount of 4.6% notes due July 1, 2013, according to a company news release.
In the offer for the 5.5% notes, the company will purchase all notes tendered.
In the offer for the 4.6% notes, the amount of notes to be purchased will equal $250 million minus the amount of 5.5% notes accepted, up to a total repurchase amount of $50 million.
The expiration date is 5 p.m. ET on July 14 for the 5.5% notes offer and 11:59 p.m. ET on July 28 for the 4.6% notes offer.
For each $1,000 principal amount, the company will pay $1,035 for the 5.5% notes and $950 for the 4.6% notes.
In the case of the 4.6% notes, the $950 payout includes a $20 early tender premium for each note tendered by 5 p.m. ET on July 14, the early tender date.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be July 15 for the 5.5% notes and July 29 for the 4.6% notes.
The offers are subject to the completion by Cytec of a public offering of not less than $250 million principal amount of unsecured senior debt securities that closes no later than the early tender date. They are not contingent on the tender of any minimum principal amount of securities.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), RBS Securities Inc. (877 297-9832 or 203 897-6145) and Wells Fargo Securities (866 309-6316 or 704 715-8341) are the dealer managers.
Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent.
Cytec Industries is a specialty chemicals and materials company based in Woodland Park, N.J.
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