DOW JONES NEWSWIRES
Corning Inc. (GLW) received a strong response to its tender
offer for $225 million of notes coming due later this decade.
The maker of glass used in liquid-crystal-display screens in
televisions, computer monitors and other electronics received
tenders for about $266.4 million of its three note series, 56% of
the amount outstanding.
With the offer being oversubscribed, Corning will accept on a
pro-rated basis $100 million of the roughly $112.8 million of
tendered notes due in 2014, with whatever is left over going toward
its 6.2% 2016 notes. As a result it will not repurchase any of the
8.875% 2016 notes. Corning is paying at least 14% above face value
for the notes, including an early tender premium.
The company last month posted second-quarter profit growth of
49% but offered a conservative forecast for glass displays.
Shares were up 1.8% at $16.85 in recent pre-market trading. The
stock through Monday was down 14% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;