2013-02-26 16:23:28 -
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-
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.
VP and CFO
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cytec Industries Inc via Thomson Reuters ONE