Kodak to prepay second-lien loans via preferreds, amends agreement

By Tali Rackner

Norfolk, Va., Nov. 7 – Eastman Kodak Co. plans to prepay $262 million of second-lien term loans outstanding under its senior secured second-lien term credit agreement with the proceeds from an offering of 5.5% series A convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

In addition, to facilitate the preferred stock sale, the company entered into an amendment to its revolving ABL credit facility on Monday to allow the pre-payment of the second-lien term loans and payment of cash dividends on the preferred stock, Kodak said in a press release.

Bank of America, NA is the administrative and collateral agent on the credit agreement and is also a joint lead arranger and bookunner with JPMorgan Chase Bank, NA.

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

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