New Issue: Cytec prices $250 million 3.95% notes due 2025 at 160 bps spread

By Aleesia Forni

Virginia Beach, Nov. 5 – Cytec Industries Inc. priced $250 million of 3.95% senior notes (Baa2/BBB-/) due May 1, 2025 on Wednesday at Treasuries plus 160 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.959 to yield 3.955%.

The notes sold tighter than guidance.

The bookrunners are Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC.

Proceeds will be used to purchase for cash or redeem $141.8 million of the company’s 2015 notes and $82 million of its 2017 notes. Remaining proceeds will be used for general corporate purposes.

Cytec is a Woodland Park, N.J.-based specialty chemicals and materials technology company.

Issuer:	Cytec Industries Inc.
Amount:	$250 million
Description:	Senior notes
Maturity:	May 1, 2025
Bookrunners:	Citigroup Global Markets Inc., RBS Securities Inc., Wells Fargo Securities LLC
Senior co-managers:	Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc., SMBC Nikko Capital Markets Ltd., MUFG
Co-managers:	PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., TD Securities (USA) LLC
Coupon:	3.95%
Price:	99.959
Yield:	3.955%
Spread:	Treasuries plus 160 bps
Make-whole call:	Treasuries plus 25 bps prior to Feb. 1, 2025, then callable at par
Trade date:	Nov. 5
Settlement date:	Nov. 12
Ratings:	Moody’s: Baa2
	Standard & Poor's: BBB-
Distribution:	SEC registered
Price talk:	Treasuries plus 170 bps

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