By Lisa Kerner
Charlotte, N.C., Jan. 28 - Eastman Kodak Co. announced it is registering $300 million of its 10½% senior notes due Oct. 1, 2017 for trading.
In September, the company said it issued the notes in a private placement exempt from registration requirements.
The notes bear interest at a rate of 10% per year and accrue payable-in-kind interest at a rate of ½% per year, according to a 4243B filing with the Securities and Exchange Commission.
Kodak may redeem the notes in whole or in part prior to Oct. 1, 2013 at a purchase price equal to 100% of the principal amount of the notes redeemed plus a make-whole premium plus accrued interest up to but excluding the redemption date. After Oct. 1, 2013, it may redeem the notes at par plus accrued interest.
The company may redeem up to 35% of the notes from time to time prior to Oct. 1, 2012 at a redemption price equal to 110.5% of the principal amount of the notes redeemed plus accrued interest using proceeds from permitted sales of capital stock.
According to Kodak, the notes are secured by a second-priority lien on substantially all the domestic assets of the company and any guarantors.
Kodak said currently there is no market for its notes and the company does not intend to list the notes on any national securities exchange.
Eastman Kodak is a Rochester, N.Y.-based provider of imaging technology products and services to the photographic and graphic communications markets.
| Issuer: | Eastman Kodak Co.
|
| Amount: | $300 million
|
| Securities: | Senior notes
|
| Maturity: | Oct. 1, 2017
|
| Coupon: | 10½%, 10% payable in cash and ½% in kind
|
| Price: | Par
|
| Call option: | At par plus make-whole premium until Oct. 1, 2013, then at par
|
| Equity clawback: | 35% at 110.5 until Oct. 1, 2012
|
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