Industry News

Cytec Industries Executes Credit Agreements

Published on 2005-02-17. Author : SpecialChem

WEST PATERSON, N.J. -- Cytec Industries Inc. (NYSE:CYT - News) announced that it has entered into credit agreements totaling $1.775 billion in preparation for the anticipated acquisition of UCB's Surface Specialties business. The agreements provide: a $725 million 5-year term loan facility, a $700 million 364-day credit facility, and a $350 million 5-year revolving credit facility. The term loan and 364-day facilities will be used to finance the acquisition and the revolving credit facility will provide additional liquidity for general corporate purposes. The facilities contain covenants that are customary for such facilities. Closing of the acquisition is expected on February 28, 2005.

The facilities were arranged by Citigroup Global Markets Inc. and include Wachovia Bank, National Association and ABN AMRO Bank N.V. as Syndication Agents, and Calyon New York Branch, The Bank of Nova Scotia and SunTrust Bank as Documentation Agents.

Corporate Profile

Cytec Industries is a specialty chemicals and materials technology company with sales in 2004 of $1.7 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, coatings, mining, plastics and water treatment.

Source: Cytec Industries Inc.

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