EX-99 2 ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 GRAPHIC OMITTED] News Release FOR ADDITIONAL INFORMATION: Media Relations: Investor Relations: Ken Gordon Daragh Porter (859) 815-4195 (office) (859) 815-3825 (614) 886-4424 (mobile) kdgordon@ashland.com dlporter@ashland.com FOR IMMEDIATE RELEASE: June 30, 2005 ASHLAND INC. EXTENDS AND COMPLETES DEBT TENDERS AND CONSENT SOLICITATIONS COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) ("Ashland") announced today that it extended and has completed its previously announced tender offers and consent solicitations in respect of each of the following of its notes (having the CUSIP Nos. specified in the table below): 6.625% Senior Notes, 8.80% Debentures, Series E Medium-Term Notes, Series F Medium-Term Notes, Series G Medium-Term Notes, 6.86% Series H Medium-Term Notes and 7.83% Series J Medium-Term Notes (collectively, the "Notes"). Each of the tender offers set forth in Ashland's Offer to Purchase and Consent Solicitation Statement and related Letter of Transmittal and Consent dated June 1, 2005 (the "Offer to Purchase"), was extended on June 30, 2005, from its previously announced expiration at 10 a.m., New York time, on June 30, 2005, and expired at 11:15 a.m., New York time, on June 30, 2005 (the "Expiration Date"), except such offers in respect of each of the following of its notes: 9.35% Series B Medium-Term Notes (CUSIP No.:04454CAJ5) and 9.20% Series D Medium-Term Notes (CUSIP No.:04454CBF2), each of which was completed at 5 p.m., New York time, on June 29, 2005. Ashland has accepted for payment all Notes that were validly tendered prior to 11:15 a.m., New York time, on June 30, 2005, in accordance with the terms and subject to the conditions of the applicable tender offers described in the Offer to Purchase. The percentages of each series of Notes accepted for purchase is set forth in the table below. Settlement in respect of such Notes occurred today promptly following expiration of the tender offers. As previously announced, Ashland received from its noteholders the requisite consents to the proposed amendments to the Indenture relating to its Notes described in the Offer to Purchase, and such amendments became effective on June 29, 2005 and are operative with respect to any Notes that remain outstanding. Ashland Inc. Extends and Completes Debt Tenders and Consent Solicitations -2 This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The tender offers and consent solicitations were being made only by the Offer to Purchase. Credit Suisse First Boston LLC acted as the exclusive Dealer Manager and Solicitation Agent for the tender offers and consent solicitations. Questions regarding the tender offers or the consent solicitations may be directed to Credit Suisse First Boston LLC at (800) 820-1653 (toll-free) or (212) 325-3784 (collect), or in writing at Eleven Madison Avenue, New York, New York 10010, Attention: Liability Management Group. ABOUT ASHLAND INC. Ashland Inc. (NYSE: ASH) is a Fortune 500 chemical and transportation construction company providing products, services and customer solutions throughout the world. To learn more about Ashland Inc., visit www.ashland.com.
NOTES TITLE OF OUTSTANDING PRINCIPAL AMOUNT PERCENTAGE SERIES SECURITIES CUSIP PRIOR TO TENDER OFFERS TENDERED ------------------- ----------------- ------------- ------------------------------------- ------------ 6.625% Senior Notes 6.625% Senior 044204AC9 $150,000,000 96.36% Notes due February 15, 2008 8.800% Debentures 8.800% Debentures 044540AH5 $250,000,000 91.95% due November 15, 2012 Series E Notes Total = $115,000,000 93.04% 7.000% 04454CCX2 $5,000,000 100.00% Medium-Term Notes due July 30, 2008 8.880% 04454CBU9 $15,000,000 100.00% Medium-Term Notes due December 27, 2011
Ashland Inc. Extends and Completes Debt Tenders and Consent Solicitations -3
TITLE OF OUTSTANDING PRINCIPAL AMOUNT PERCENTAGE SERIES SECURITIES CUSIP PRIOR TO TENDER OFFERS TENDERED ------------------- ----------------- ------------- ------------------------------------- ------------ 8.700% 04454CBV7 $3,000,000 100.00% Medium-Term Notes due December 30, 2011 8.620% 04454CBW5 $3,000,000 100.00% Medium-Term Notes due January 16, 2012 8.990% 04454CCH7 $5,000,000 100.00% Medium-Term Notes due April 13, 2012 8.960% 04454CCJ3 $3,000,000 100.00% Medium-Term Notes due April 25, 2012 8.250% 04454CCU8 $10,000,000 100.00% Medium-Term Notes due February 12, 2013 9.080% 04454CCG9 $5,000,000 100.00% Medium-Term Notes due March 31, 2013 7.720% 04454CCW4 $10,000,000 20.00% Medium-Term Notes due July 15, 2013 7.730% 04454CCV6 $15,000,000 100.00% Medium-Term Notes due July 15, 2013 7.650% 04454CCZ7 $15,000,000 100.00% Medium-Term Notes due August 5, 2013
Ashland Inc. Extends and Completes Debt Tenders and Consent Solicitations -4
TITLE OF OUTSTANDING PRINCIPAL AMOUNT PERCENTAGE SERIES SECURITIES CUSIP PRIOR TO TENDER OFFERS TENDERED ------------------- ----------------- ------------- ------------------------------------- ------------ 7.750% 04454CCY0 $10,000,000 100.00% Medium-Term Notes due August 6, 2018 8.810% 04454CCM6 $10,000,000 100.00% Medium-Term Notes due June 3, 2022 8.780% 04454CCN4 $3,000,000 100.00% Medium-Term Notes due June 10, 2022 7.150% 04454CDC7 $3,000,000 100.00% Medium-Term Notes due September 20, 2023 Series F Notes Total = $86,500,000 86.93% 7.900% 04454CDG8 $10,000,000 83.96% Medium-Term Notes due August 5, 2006 7.790% 04454CDH6 $15,000,000 92.00% Medium-Term Notes due August 9, 2006 8.430% 04454CDJ2 $10,000,000 100.00% Medium-Term Notes due October 18, 2006 8.230% 04420QAF3 $10,000,000 100.00% Medium-Term Notes due February 26, 2007 7.860% 04420QAJ5 $10,000,000 100.00% Medium-Term Notes due March 23, 2007
Ashland Inc. Extends and Completes Debt Tenders and Consent Solicitations -5
TITLE OF OUTSTANDING PRINCIPAL AMOUNT PERCENTAGE SERIES SECURITIES CUSIP PRIOR TO TENDER OFFERS TENDERED ------------------- ----------------- ------------- ------------------------------------- ------------ 8.625% 04420QAC0 $10,000,000 100.00% Medium-Term Notes due February 10, 2015 8.380% 04420QAK2 $16,500,000 48.48% Medium-Term Notes due April 1, 2015 8.630% 04420QAE6 $5,000,000 100.00% Medium-Term Notes due February 21, 2025 Series G Notes Total = $154,000,000 88.61% 7.100% 04420QAZ9 $5,000,000 0.00% Medium-Term Notes due October 10, 2005 7.220% 04420QAT3 $10,000,000 100.00% Medium-Term Notes due August 9, 2006 7.400% 04420QAV8 $12,000,000 78.83% Medium-Term Notes due September 19, 2006 7.280% 04420QAW6 $15,000,000 100.00% Medium-Term Notes due October 4, 2006 7.250% 04420QAX4 $15,000,000 100.00% Medium-Term Notes due October 9, 2006
Ashland Inc. Extends and Completes Debt Tenders and Consent Solicitations -6
TITLE OF OUTSTANDING PRINCIPAL AMOUNT PERCENTAGE SERIES SECURITIES CUSIP PRIOR TO TENDER OFFERS TENDERED ------------------- ----------------- ------------- ------------------------------------- ------------ 7.160% 04420QAY2 $20,000,000 75.00% Medium-Term Notes due October 9, 2006 6.990% 04420QBB1 $10,000,000 100.00% Medium-Term Notes due November 6, 2006 6.900% 04420QBC9 $12,000,000 100.00% Medium-Term Notes due November 14, 2006 7.710% 04420QAN6 $20,000,000 75.00% Medium-Term Notes due May 11, 2007 7.200% 04420QBA3 $10,000,000 100.00% Medium-Term Notes due October 15, 2007 7.560% 04420QAS5 $10,000,000 100.00% Medium-Term Notes due August 9, 2016 7.780% 04420QAU0 $15,000,000 100.00% Medium-Term Notes due September 19, 2016 Series H Notes 6.860% 04420QBD7 $150,000,000 88.60% Medium-Term --------------- Notes due May 1, 2009 Series J Notes 7.830% 04420QBJ4 $228,630,000 80.99% Medium-Term Notes due August 15, 2005