Kodak Prices Upsized $500M Bond Deal
February 25, 2010
Rochester, N.Y.-based Eastman Kodak priced an upsized bond deal to take in $500 million Wednesday. The funds will be used to finance a $300 million bond buyback effort and a $100 million tender offer, the company said.
The camera and photography company issued $500 million in 9.75% senior secured notes due 2018, upsized from $400 million. The bonds priced with an OID of 97.97 to yield 10.125%, which was in line with price talk. Citigroup was the sole underwriter.
Kodak previously reached an agreement with Kohlberg Kravis Roberts & Co. to buy back $300 million in 10.5% secured notes due 2017 held by the private equity firm. Kodak will use another $100 million to fund a tender offer for its 7.25% senior notes due 2013.
For more information on related topics, visit the following:
