Corning Prices $100 Million of Senior Unsecured Notes
16 Junho 2005 - 6:05PM
Business Wire
Corning Incorporated (NYSE:GLW) today announced that it has priced
$100 million aggregate principal amount of senior unsecured notes
at 6.05 percent. The senior notes will mature on June 15, 2015 and
are being issued pursuant to Corning's existing $5 billion
universal shelf registration statement. Subject to customary
closing conditions the transaction is expected to close on June 21,
2005. Net proceeds of the offering will be used to reduce debt
costs and for general corporate purposes. The company said that
this new issue will replace the 7 percent debentures due in 2007
that were redeemed on June 13, 2005. "This new capital will enable
us to reduce our interest expense and extend the duration of our
debt portfolio," said James B. Flaws, vice chairman and chief
financial officer. "We had a goal to drive our debt below $2
billion this year, and this transaction will not preclude us from
meeting that objective," he said. Citigroup Global Markets Inc.
served as underwriter for the offering. A written prospectus
meeting the requirements of Section 10 of the Securities Act may be
obtained by contacting Citigroup Global Markets Inc. at Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York
11220, 718-765-6732. This news release shall not constitute an
offer to sell, or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. About Corning Incorporated Corning Incorporated
(www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth opportunities.
Corning combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties of
light, with strong process and manufacturing capabilities to
develop, engineer and commercialize significant innovative products
for the telecommunications, flat panel display, environmental,
semiconductor, and life sciences industries. Forward-Looking and
Cautionary Statements This press release contains forward-looking
statements that involve a variety of business risks and other
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include the possibility of changes or
fluctuations in global economic and political conditions; tariffs,
import duties and currency fluctuations; product demand and
industry capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of critical
components and materials; new product development and
commercialization; order activity and demand from major customers;
capital spending by larger customers in the liquid crystal display
industry and other businesses; changes in the mix of sales between
premium and non-premium products; facility expansions and new plant
start-up costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major
health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of
insurance; capital resource and cash flow activities; capital
spending; equity company activities; interest costs; acquisition
and divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to enforce
patents; product and components performance issues; changes in key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors are
identified in Corning's filings with the Securities and Exchange
Commission. Forward-looking statements speak only as of the day
that they are made, and Corning undertakes no obligation to update
them in light of new information or future events.
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