Kodak holders tender 98% of company's 3.375% convertibles at par

By Susanna Moon

Chicago, Oct. 20 - Eastman Kodak Co. said investors tendered $563.5 million, or 98%, of the company's 3.375% convertible senior notes due 2033 in the offer to purchase for cash up to $575 million principal amount.

The tender offer expired at 5 p.m. ET on Oct. 19. It began on Sept. 18.

Kodak offered to purchase the notes at par plus accrued interest to the purchase date.

Holders may put the notes on Oct. 15, 2010 and on some dates thereafter, and Kodak may call the outstanding notes beginning Oct. 15, 2010.

There is about $11.5 million of the notes outstanding.

Kodak said it funded the purchase of the notes with proceeds of its sale of senior secured notes and a private placement of its convertible notes.

Morgan Stanley & Co. Inc. is the dealer manager. Georgeson, Inc. (800 248-7605 or banks and brokers 212 440-9800) is the information agent, and the Bank of New York Mellon is the depositary.

Eastman Kodak is a Rochester, N.Y.-based provider of imaging technology products and services to the photographic and graphic communications markets.

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