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Update: Cytec Issues New Longer-Term Debt

10:32 AM MDT | June 30, 2009 | Vincent Valk

Cytec today issued $250 million in senior unsecured notes maturing in 2017, the proceeds of which will go towards paying down debt due in 2010. The company intends to buy back all of the debt due in 2010, which has a $250 million principal and an interest rate of 5.5%. Proceeds may also go towards paying down some debt due in 2013, which has a $187.7 million principal and a 4.6% interest rate. The interest rate for the new debt will be 8.95%. Standard and Poor's has given Cytec's new debt a BBB- rating. The rating reflects a mixture of upside and downside...

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