Eastman Chemical borrows $400 million under $1.5 billion revolver

By Sarah Lizee

Olympia, Wash., April 1 – Eastman Chemical Co. borrowed $400 million under its $1.5 billion revolving credit agreement on March 26, according to an 8-K filing with the Securities and Exchange Commission.

The draw was made as a precautionary measure due to increased financial market volatility, particularly in the availability and terms of commercial paper for similar issuers, resulting from the Covid-19 pandemic, the company said.

The proceeds are available for general corporate purposes.

Interest is payable monthly beginning April 27 at an initial rate of 2.17488% per annum. Principal is due Oct. 25, 2023, subject to one-year extension.

Eastman Chemical is a specialty chemical company based in Kingsport, Tenn.

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