| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Corning Inc. > News item |
Corning's tender offer for notes oversubscribed, funded by prior issue
By Lisa Kerner
Charlotte, N.C., Sept. 1 - Corning Inc.'s most recent tender offer was definitely a success, a company spokesperson said on Wednesday.
"The offer was oversubscribed, and we were able to repurchase a $226,352,000 combined aggregate principal amount of the notes that we offered to purchase in the tender offer," the spokesperson said.
"We accepted, on a pro-rated basis, $100 million of the roughly $112.9 million of tendered notes due in 2014 and purchased the full $126,352,000 of 6.2% 2016 notes."
Corning said it would not repurchase any of the 8.875% 2016 notes in the offer.
As previously reported, the company initially offered to purchase up to $225 million principal amount of its $200 million 5.9% notes due 2014, $200 million 6.2% notes due 2016 and $75 million 8.875% debentures due 2016.
The 5.9% notes were prorated by a proration factor of approximately 88.61%, but the 6.2% notes were not prorated.
For each $1,000 principal amount, the total purchase price is $1,141.50 for the 5.9% notes and $1,186.22 for the 6.2% notes and was slated to be $1,317.44 for the 8.875% debentures.
The total purchase prices include an early tender premium of $50.00 per $1,000 principal amount of notes tendered by the early tender date, which was 5 p.m. ET on Aug. 16.
The tender offer began Aug. 3 and ended Aug. 30.
To fund the tender offer, Corning used a portion of the proceeds from the Aug. 10 issue and sale of $300 million principal amount of 4.25% notes due 2020 and $400 million principal amount of 5.75% notes due 2040, according to the spokesperson.
The remainder of the proceeds were used for general corporate purposes.
Corning makes specialty glass and ceramics. It is based in Corning, N.Y.
© 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.