Published on 3/10/2011 in the Prospect News High Yield Daily.
New Issue: Kodak sells upsized $250 million 10 5/8% eight-year notes at 98.686 to yield 10 7/8%
By Paul A. Harris
Portland, Ore., March 10 - Eastman Kodak Co. priced an upsized $250 million issue of 10 5/8% eight-year senior secured second-lien notes (B1/CCC/) at 98.686 to yield 10 7/8% on Thursday, according to an informed source.
The yield printed on top of the price talk.
Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market deal, which was upsized from $200 million.
Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. were the joint bookrunners.
The Rochester, N.Y.-based provider of imaging technology products and services will use the proceeds for general corporate purposes, including the repurchase of debt.
Issuer: | Eastman Kodak Co.
|
Face amount: | $250 million, increased from $200 million
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Proceeds: | $246,715,000
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Maturity: | March 15, 2019
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Securities: | Senior secured second-lien notes
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Left bookrunner: | Citigroup Global Markets Inc.
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Joint bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. Inc.
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Coupon: | 10 5/8%
|
Price: | 98.686
|
Yield: | 10 7/8%
|
Spread: | 789 bps
|
Call features: | Make-whole call at Treasuries plus 50 bps until March 15, 2015, then callable at 105.313, 102.656, par on and after March 15, 2017
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Equity clawback: | 35% at 110.625 until March 15, 2014
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Change-of-control put: | 101%
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Trade date: | March 10
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Settlement date: | March 15
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Ratings: | Moody's: B1
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| Standard & Poor's: CCC
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 10 7/8% area
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Marketing: | Quick to market
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