Cytec redeems Series A Preferred Stock for $90.0 million.WEST PATERSON, N.J.--(BUSINESS WIRE)--August 23, 1995--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today that it has redeemed all of its Series A Cumulative Adjustable 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. , having a liquidation value of approximately $95.5 million, for $90.0 million plus accrued dividends of approximately $1.2 million. The redemption is pursuant to an agreement, announced on Aug. 17, 1995, with American Cyanamid Company, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Home Products Corp. (NYSE:AHP AHP Assistant House Physician. ), providing for the early redemption by Cytec of its Series A Cumulative Adjustable Preferred Stock and Series B Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". held by American Cyanamid Company. As previously announced, the repurchase of the Series B is anticipated to occur in the latter part of the year. Cytec Industries Inc. develops, manufactures and markets specialty chemicals and materials worldwide. The company also manufactures a variety of building block chemicals that are used internally and marketed externally. Cytec operates 36 manufacturing research and development, and distribution facilities primarily in the United States, Canada, Mexico, the United Kingdom and the Netherlands. The company employs approximately 4,000 people in the United States and approximately 1,000 people in other countries. CONTACT: Cytec Industries Inc. Kumar Shah, 201/357-3298 or George Yuro, 201/357-3319 |
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