Cytec Industries Inc. (NYSE:CYT) today announced the final results of
its offer to purchase any and all of its 5.50% Notes due October 1, 2010
(the “Any and All Tender Offer”). Cytec also announced the early tender
date results of its offer to purchase up to $250,000,000 in aggregate
principal amount, less any amount accepted in the Any and All Tender
Offer, of its 4.60% Notes due July 1, 2013 (the “Maximum Tender Offer”)
with a maximum repurchase amount of $50,000,000 (the “Maximum Tender
Amount”).
As of 5:00 p.m., New York City time, on July 14, 2009, the aggregate
principal amount of 2010 Notes tendered in the Any and All Tender Offer
was $234,590,000. All of the 2010 Notes that were tendered have been
accepted for payment by Cytec, with settlement expected to occur today.
The holders of the 2010 Notes that were accepted for purchase will be
entitled to receive tender offer consideration of $1,035 per $1,000
principal amount of the 2010 Notes, plus any accrued and unpaid interest
from and including the last interest payment date up to, but not
including, the settlement date.
Cytec received early tenders in respect of $70,039,000 aggregate
principal amount of 2013 Notes as of 5:00 p.m. New York City time on
July 14, 2009. Holders who have not already tendered the 2013 Notes may
continue to do so at any time at or prior to 11:59 p.m. New York City
time, on July 28, 2009 (the “Maximum Tender Offer Expiration Date”),
unless Cytec extends or earlier terminates the Maximum Tender Offer.
However, such holders will not be entitled to receive any early tender
premium, except in the case of any 2013 Notes that were tendered prior
to 5:00 p.m., New York City time, on July 14, 2009, and which are
ultimately accepted for purchase. Withdrawal rights for the tender
offers have expired. Based on the final results for the Any and All
Tender Offer, the remaining Maximum Tender Amount for the Maximum Tender
Offer is $15,410,000. Since the aggregate principal amount of 2013 Notes
tendered exceeds the remaining Maximum Tender Amount, any 2013 Notes
accepted for purchase will be purchased on a pro rata basis, and notes
that are not purchased will be returned to the holders. The proration
factor cannot be determined until the Maximum Tender Offer Expiration
Date.
The Any and All Tender Offer was made, and the Maximum Tender Offer is
being made, pursuant to an Offer to Purchase dated June 30, 2009 (the
"Offer to Purchase"), which sets forth a complete description of the
terms of the offers.