GLW Corning Inc

Corning Incorporated (NYSE:GLW) today announced it will redeem for cash the $13 million in remaining outstanding zero coupon convertible debentures due Nov. 8, 2015 on the redemption date of Nov. 25, 2005. Upon holders' election, Corning on Nov. 8, 2005 repurchased an aggregate principal amount of $324 million of debentures for a cash payment of $266 million. As provided in the indenture, the redemption price is equal to the initial public offering price plus accrued original issue discount through the redemption date, or $820.315 per $1,000 principal amount per convertible debenture. The cash payment required to complete the redemption is $11 million. Holders retain the right to convert their convertible debentures into Corning common stock at any time before the close of business on Nov. 23, 2005, the business day immediately prior to the redemption date. The debentures are convertible into 8.3304 shares of Corning common stock for each $1,000 principal amount. Delivery of common stock upon conversion is deemed payment in full, and no adjustment will be made to account for accrued original issue discount on debentures surrendered for conversion. Jim Flaws, vice chairman and chief financial officer, said, "Redemption of these zero coupon convertible debentures will mark completion of our balance sheet restructuring program goal to reduce the company's total debt to below $2 billion." Flaws added, "This cash redemption and any conversions into common stock will not impact our fourth-quarter guidance issued on Oct. 26, 2005." A notice of redemption is being sent to all currently registered holders of the convertible debentures by the trustee for these debentures, JPMorgan Chase Bank, NA. Copies of the notice of redemption and additional information relating to the procedure for redemption may be obtained from JPMorgan Chase Bank, NA by calling 1-800-275-2048. 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.