By Paul A. Harris
St. Louis, Feb. 24 - Eastman Kodak Co. priced an upsized $500 million issue of 9¾% eight-year senior secured notes (Ba3/B-/BB-) at 97.967 to yield 10 1/8% in a quick-to-market transaction on Wednesday, according to market sources.
The yield printed in the middle of the 10% to 10¼% price talk.
Citigroup Global Markets Inc. and KKR were the managers for the Rule 144A issue, which was upsized from $400 million.
Proceeds will be used to repurchase all $300 million of the company's 10½% senior notes due 2017 and to repurchase a portion of its 7¼% senior notes due 2013.
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: | $500 million, increased from $400 million
|
Maturity: | March 1, 2018
|
Securities: | Senior secured notes
|
Underwriters: | Citigroup Global Markets Inc., KKR
|
Coupon: | 9¾%
|
Price: | 97.967
|
Yield: | 10 1/8%
|
Call features: | Make-whole call at Treasuries plus 50 bps until March 1, 2014, then callable at 104.88
|
Equity clawback: | 35% at 109.75 until March 1, 2013
|
Trade date: | Feb. 24
|
Settlement date: | March 5
|
Ratings: | Moody's: Ba3
|
| Standard & Poor's: B-
|
| Fitch: BB-
|
Distribution: | Rule 144A
|
Price talk: | 10% to 10¼%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.