Corning Announces Expiration and Results of Cash Tender Offer
27 Novembro 2012 - 12:05PM
Business Wire
Corning Incorporated (NYSE: GLW) announced today that its cash
tender offer relating to an aggregate principal amount of
$75,000,000 of debentures expired at 11:59 p.m., New York City
time, on Monday, November 26. According to information provided by
D.F. King & Co., Inc., the depositary for the tender offer,
$74,736,000 in aggregate principal amount of debentures subject to
the cash tender offer were validly tendered and not validly
withdrawn before the expiration date. The tendered debentures are
set forth below:
Aggregate
Approximate Acceptance Principal
Principal Percentage of Priority Amount
Amount Outstanding Amount Title of Security
Level Outstanding
Tendered Tendered 8.875%
Debentures due August 15, 2021 1 $ 75,000,000 $13,095,000 17.46%
8.875% Debentures due March 15, 2016 2 $ 75,000,000 $10,729,000
14.31% 6.75% Debentures due September 15, 2013 3 $100,000,000
$50,912,000
50.88%
Aggregate Total Tender Offer Debentures(1) $250,000,000 $74,736,000
29.89%
_____________________
(1) The maximum aggregate principal amount of debentures Corning
offered to purchase was $75,000,000.
Corning has accepted for purchase all of the debentures
tendered, as noted above.
Corning expects to make payment for all debentures accepted for
purchase, including payment of accrued but unpaid interest on the
purchased debentures, in same-day funds on Tuesday, Nov. 27,
2012.
J.P. Morgan Securities LLC served as dealer manager for the
tender offer. D.F. King & Co., Inc. served as depositary and
information agent for the tender offer. The Colbent Corporation
served as certificated notes depositary for debentures tendered by
physical delivery.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes
in the mix of sales between premium and non-premium
products; new plant start-up or restructuring costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political or financial instability,
natural disasters, adverse weather conditions, or major health
concerns; adequacy of insurance; 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;
retention of key personnel; stock price fluctuations; and adverse
litigation or regulatory developments. These and
other risk factors are detailed 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 160 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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