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Cytec gets tenders for $234.59 million 5.5% notes, early tenders for $70.04 million 4.6% notes
By Jennifer Chiou
New York, July 15 - Cytec Industries Inc. said it accepted tenders for $234.59 million of its 5.5% notes due Oct. 1, 2010 in the completed offer for its $250 million of 5.5% notes and added that it obtained early tenders from holders of $70,039,000 of its $187.7 million of 4.6% notes due July 1, 2013.
The offer for the 5.5% notes ended at 5 p.m. ET on July 14.
As already reported, 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. That said, the remaining maximum tender amount is $15.41 million for the 4.6% notes.
The expiration date is 11:59 p.m. ET on July 28 for the 4.6% notes offer. The offers began on June 30.
For each $1,000 principal amount, the company paid $1,035 for the 5.5% notes and will pay $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 was July 15 for the 5.5% notes and will be 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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