Cytec begins tender for 6% notes due 2015, issues call for two series

By Susanna Moon

Chicago, Nov. 5 – Cytec Industries Inc. said it began a tender offer for its $141,759,000 of outstanding 6% notes due 2015.

The tender offer will end at 5 p.m. ET on Nov. 12.

Pricing for each $1,000 principal amount will be set at 2 p.m. ET on Nov. 12 using the yield to maturity of the 0.25% U.S. Treasury notes due Sept. 30, 2015 plus a fixed spread of 35 basis points.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer is conditioned on the issue of at least $250 million principal amount of senior notes, according to a company press release.

The company said it will redeem the remaining notes at a make-whole premium.

Cytec called the 6% notes that remain outstanding after the tender offer for redemption on Dec. 5, according to another press release.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106 collect), RBS Securities Inc. (877 297-9832 or 203 897-6145 collect) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760 collect) are the dealer managers. Global Bondholder Services Corp. (866 470-4500) is the depositary and information agent.

Call for 8.95% notes

The company also called $82 million of its $164,286,000 of outstanding 8.95% notes due 2017 for redemption on Dec. 5, according to another separate press release.

Cytec is a specialty material and chemical company based in Woodland Park, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.