Solvay to early redeem Cytec’s $196 million 3.5% notes on Jan. 1

By Mary-Katherine Stinson

Lexington, Ky., Nov. 22 – Solvay SA will redeem in full all of Cytec Industries Inc.’s outstanding $196,086,000 3.5% notes due 2023 (Cusip: 232820AJ9) guaranteed by Solvay on Jan. 1, according to a notice.

The redemption will be at par plus accrued interest totaling $1,715,752.50.

Bank of New York Mellon is the paying agent.

“This early redemption will be financed out of existing financial resources and was made possible by the continued strong financial performance and cash generation in particular. Since 2019, the total deleveraging of debt and pensions approaches €3 billion and leverage as of the end of September 2022, was 1.2x, a record low. The continued strengthening of our balance sheet underpins our project to separate into two strong, independent leading companies in the second half of 2023,” said Solvay CFO Karim Hajjar in the press release.

Cytec is a specialty material and chemical company based in Woodland Park, N.J., and a subsidiary of Solvay, a Brussels-based chemical manufacturer.

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