Corning Prices $350 Million of Senior Unsecured Notes
07 Maio 2009 - 6:02PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that it has
priced $250 million aggregate principal amount of senior unsecured
notes at a coupon of 6.625%. The notes will mature on May 15, 2019.
Additionally, the company has priced $100 million aggregate
principal amount of senior unsecured notes at a coupon of 7.000%,
which will mature on May 15, 2024. Subject to customary closing
conditions, the transactions are expected to close on May 12, 2009.
Net proceeds of the offering will be used for general corporate
purposes.
�We are delighted that the financial markets have improved and
allowed us to issue new debt at favorable interest rates. The rate
on the new debt is similar to rates on existing debt that Corning
will be repaying over the next few years,� said James B. Flaws,
vice chairman and chief financial officer.
Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
served as joint book-running managers and underwriters for the
offering. The offering of the notes is being made only by means of
a prospectus and a related prospectus supplement, copies of which
may be obtained by contacting: Deutsche Bank Securities Inc., Attn:
Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311
or by calling toll-free at (800) 503-4611; or J.P. Morgan
Securities Inc., 270 Park Avenue, 8th Floor, New York, NY 10017,
Attn: Investment Grade Syndicate Desk, (212) 834-4533. An
electronic copy of the prospectus supplement and the accompanying
prospectus will also be available on the website of the Securities
and Exchange Commission at http://www.sec.gov.
The offering is being made pursuant to an effective automatic
shelf registration statement filed with the Securities and Exchange
Commission on December 1, 2008.
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.
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 in global economic
and political conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity; competition; manufacturing efficiencies;
cost reductions; availability and costs of critical components and
materials; new product development and commercialization; order
activity and demand from major customers; 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; adequacy and availability of
insurance; capital spending; equity company activities; 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; stock price
fluctuations; and adverse litigation or regulatory developments.
Additional 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
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