| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Cytec Industries wraps tenders for $17.81 million 6% notes due 2015
By Susanna Moon
Chicago, Nov. 13 – Cytec Industries Inc. said investors had tendered $17,807,000 of its $141,759,000 outstanding 6% notes due 2015 by the end of the offer at 5 p.m. ET on Nov. 12.
The tendered notes were expected to be settled on Thursday, according to a company press release.
The purchase price was $1,048.59 for each $1,000 principal amount using a reference yield of 0.13%.
Pricing was 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 paid accrued interest up to but excluding the settlement date of Nov. 13.
The tender offer began Nov. 5.
The tender offer was conditioned on the issue of at least $250 million principal amount of senior notes.
Cytec priced $250 million of 3.95% senior notes due May 1, 2025 on Nov. 5 at 99.959 to yield 3.955%, as previously reported.
The company previously said it would redeem the remaining notes at a make-whole premium, then called the 6% notes that remain outstanding after the tender offer for redemption on Dec. 5.
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) were the dealer managers. Global Bondholder Services Corp. (866 470-4500) was 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.
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.