Kodak lifts cap in cash tender for 7¼% notes to up to $200 million, extends offer

By Jennifer Chiou

New York, Feb. 24 - Eastman Kodak Co. announced that it will now tender for up to $200 million of its $500 million of 7¼% senior notes due 2013 in the cash offer that began on Feb. 3.

It was previously tendering for up to $100 million of the notes.

The offer will now expire at 11:59 p.m. ET on March 9, extended from 9 a.m. ET on March 4.

As of 5 p.m. ET on Feb. 24, holders had tendered $218,613,000 of the notes.

The company will pay $950 per $1,000 of notes for notes tendered by 5 p.m. ET on Feb. 11, the early tender deadline. It will pay $910 per $1,000 of notes for any notes tendered after that deadline. Accrued interest will be paid up to but excluding the settlement date.

Kodak already said it was making the offer because of recently improved conditions in the debt markets that may allow it to extend the maturity of existing debt and improve its capital structure.

The company plans to fund the offer using proceeds from a placement of $500 million of 9¾% senior secured notes due 2018 and cash on hand.

Citi (800 558-3745 or 212 723-6106) is the dealer manager for the offer. Bank of New York Mellon is the depositary, and Georgeson, Inc. (800 248-7605 or 212 440-9800) is the information agent.

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

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