Cytec files registration statement with Securities and Exchange Commission.WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--Sept. 26, 1995--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today that it has filed with the Securities and Exchange Commission a registration statement covering 3,905,000 shares of its common stock (including 355,000 shares which the underwriters have the option to purchase to cover over-allotments, if any), to be offered by the company, through an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. managed by Goldman, Sachs & Co., Dillon, Read & Co. Inc., Solomon Brothers Inc, and Smith Barney Inc. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used to fund a portion of the repurchase price of Cytec's Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Cytec previously announced an agreement to repurchase such shares from American Cyanamid Company, a subsidiary of American Home Products Corp. (NYSE: AHP AHP Assistant House Physician. ). The registration statement has not yet become effective. The securities may not be sold and offers to buy cannot be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. Cytec Industries Inc. develops, manufactures and markets specialty chemicals and materials worldwide and also manufactures a variety of building block chemicals that are used internally and marketed externally. CONTACT: Cytec Industries Inc. Kumar Shah, 201/357-3298 (Analyst Contact) or George Yuro, 201/357-3319 |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion