Kodak Private HY Deal Funds Buyback
February 24, 2010
Eastman Kodak will place $400 million in junk bonds today to fund a $300 million bond buyback effort and a $100 million tender offer, the company said.
The Rochester, N.Y.-based camera and photography company said the $400 million in senior secured notes will be sold in a private placement. Citigroup is the lead underwriter.
The company 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.
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