Eastman Kodak prices private placement of $500 million worth of senior secured notes
By APWednesday, February 24, 2010
Eastman Kodak prices $500M note placement
ROCHESTER, N.Y. — Eastman Kodak Co. said Wednesday it priced a private placement of $500 million worth of 9.75 percent senior secured notes due 2018 to qualified institutional buyers.
Kodak said it plans to use proceeds from the note placement to buy back $300 million worth of 10.5 percent senior notes due 2017 and $200 million worth of 7.25 percent senior notes due 2013.
The pricing follows an announcement earlier in the day that the company will privately offer $400 million in senior secured notes to institutional investors. The company plans to use proceeds from that offering to buy back $300 million in shares from private equity firm Kohlberg Kravis Roberts & Co. and repurchase up to $100 million in notes in a tender offer.
