Raychem Corporation Announces Successful Pricing of $400 Million Public Debt Issue

Business Wire, Oct 21, 1998

MENLO PARK, Calif.--(BUSINESS WIRE)--Oct. 21, 1998--Raychem Corporation today announced the pricing of a public debt issue of $400 million of 7.20% Notes due 2008. The proceeds of the notes will be used to repay revolving bank lines and for general corporate purposes, which may include share repurchase and potential acquisitions. This is the first public debt issue in Raychem's 41-year history.

"The success of this debt issue, in the face of turbulent conditions in the debt markets, is a vote of confidence in Raychem's strong cash flow and business outlook," said Raymond J. Sims, senior vice president and chief financial officer for Raychem.

The deal was underwritten by Morgan Stanley Dean Witter, Chase Securities Inc., J.P. Morgan & Co., and NationsBanc Montgomery Securities LLC. Raychem's debt ratings are Baa2 from Moody's and A- from Standard & Poor's. Interest payment dates on the notes will be October 15 and April 15, with maturity on October 15, 2008.

Raychem Corporation of Menlo Park, California, is an international company with approximately 9,000 employees in 49 countries and revenues of $1.8 billion in fiscal 1998. The company utilizes expertise in materials science, electronics, and process engineering to develop, manufacture, and market high-performance products for electronics OEM businesses, and telecommunications, energy and industrial applications. Information on Raychem is available on the Internet at www.raychem.com.