By Ben Fox Rubin
Corning Inc. (GLW) said its $75 million debt tender offer was
nearly fully subscribed as of the early tender date.
As of Thursday at 5 p.m. EST, the company said $74.7 million in
debt had been tendered and not withdrawn. The tender offer, which
the glass-maker unveiled last month, is set to expire Nov. 26.
In the tender offer, the company is offering to purchase, under
certain conditions and subject to certain limits, its 8.875%
debentures due 2021, 8.875% debentures due 2016 and 6.75%
debentures due 2013. Those who tendered by the early tender date
are eligible to receive an early-tender premium of $30 per $1,000
in principal of debt tendered.
Last month, the company said its third-quarter earnings declined
and the company predicted "likely headcount reductions" as part of
a cost-cutting program to contend with sluggish business and an
outlook that economic weakness would keep weighing on sales.
Shares closed Thursday at $11.40 and were down 0.9% premarket.
The stock is down 12% so far this year.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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