By Cristal Cody
Tupelo, Miss., Oct. 30 – Corning Inc. priced $900 million of notes (Baa1/BBB+) in three tranches on Tuesday, according to a market source.
The company sold a $50 million reopening of its 4.7% notes due March 15, 2037 at 95.51. The bonds originally priced on Feb. 15, 2012 in a $250 million offering at 99.864 to yield 4.709%, or a spread of 165 basis points over Treasuries. The total outstanding is now $300 million.
Corning priced $550 million of new 5.35% 30-year bonds at a 200 bps over Treasuries spread.
A $300 million tranche of 5.85% new 50-year bonds priced with a Treasuries plus 250 bps spread.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes, including common stock repurchases and dividend payment, debt repayment or reduction, acquisitions, working capital, capital expenditures and investments.
Corning, N.Y.-based Corning is a technology manufacturing company.
| Issuer: | Corning Inc.
|
| Amount: | $900 million
|
| Description: | Notes
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and BofA Merrill Lynch
|
| Trade date: | Oct. 30
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Reopened notes
|
| Amount: | $50 million reopening
|
| Maturity: | March 15, 2037
|
| Coupon: | 4.7%
|
| Price: | 95.51
|
| Total outstanding: | $300 million, including $250 million of bonds priced Feb. 15, 2012 at 99.864 to yield 4.709%, or 165 bps over Treasuries
|
|
|
| 30-year notes
|
| Amount: | $550 million
|
| Maturity: | Nov. 15, 2048
|
| Coupon: | 5.35%
|
| Spread: | Treasuries plus 200 bps
|
|
|
| 50-year notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 15, 2068
|
| Coupon: | 5.85%
|
| Spread: | Treasuries plus 250 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
