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Corning sets pricing in tender offer for 5.9%, 6.2%, 8.875% notes
By Angela McDaniels
Tacoma, Wash., Aug. 16 - Corning Inc. determined the prices it will pay in the tender offer for up to $225 million principal amount of its $200 million 5.9% notes due 2014, $200 million 6.2% notes due 2016 and $75 million 8.875% debentures due 2016, according to a company news release.
The notes are listed in order of acceptance priority level, and there is a $100 million sublimit for the 5.9% notes.
For each $1,000 principal amount, the total purchase price is $1,141.50 for the 5.9% notes, $1,186.22 for the 6.2% notes and $1,317.44 for the 8.875% debentures.
The total purchase prices include an early tender premium of $50 per $1,000 principal amount of notes tendered by 5 p.m. ET on Aug. 16, the early tender date.
The company will also pay accrued interest up to but excluding the settlement date, which is expected to be Sept. 1.
The total purchase prices were determined at 2 p.m. ET on Aug. 16 using a fixed spread over the yield based on the bid-side price of a specified U.S. Treasury security.
The reference Treasury was the 1.75% Treasury due March 31, 2014 for the 5.9% notes and the 2.375% Treasury due March 31, 2016 for the 6.2% notes and 8.875% debentures. The spread was 80 basis points for the 5.9% notes, 95 bps for the 6.2% notes and 105 bps for the 8.875% debentures.
The reference yield was 0.958% for the 5.9% notes and 1.621% for the 6.2% notes and 8.875% debentures.
The tender offer began Aug. 3 and will expire at 11:59 p.m. ET on Aug. 30.
The dealer managers are Deutsche Bank Securities Inc. (866 627-0391) and J.P. Morgan Securities Inc. (866 834-4666). The information agent is Global Bondholder Services Corp. (866 470-3700 or 212 430-3774).
Corning makes specialty glass and ceramics. It is based in Corning, N.Y.
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