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Corning: final results of Dutch auction debentures offer

Optical fiber giant Corning Incorporated announced 11 June 2003 the final results of its previously announced modified Dutch auction tender for its outstanding zero coupon convertible debentures.
The…

Optical fiber giant Corning Incorporated announced 11 June 2003 the final results of its previously announced modified Dutch auction tender for its outstanding zero coupon convertible debentures. The offer expired at midnight, Eastern Time, on 4 June 2003. Corning has accepted for purchase USD 834 million aggregate principal amount at maturity of debentures validly tendered and not withdrawn at a purchase price of USD 747.50 per USD 1,000 of principal amount at maturity. Because more than USD 834 million principal amount of debentures were validly tendered and not withdrawn, Corning will purchase, on a prorated basis, 98.34% of the debentures tendered at or below the purchase price. The purchase price applies to all debentures accepted for payment pursuant to the offer. The cash payment required to complete the tender is USD 623.4 million. Payment for the debentures accepted for purchase is expected to take place by 12 June 2003. All debentures not accepted for payment will be promptly returned to holders. J.P. Morgan Securities Inc. and Banc of America Securities LLC acted as joint dealer managers for the tender offer. Georgeson Shareholder Communications Inc. served as information agent and Alpine Fiduciary Services, Inc. as depositary.

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