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