Diversified technology company Corning Incorporated announced 9 March 2004 that it has priced USD 400 million aggregate principal amount of Senior Unsecured Notes. USD 200 million 5.90% in Senior Note…
Diversified technology company Corning Incorporated announced 9 March 2004 that it has priced USD 400 million aggregate principal amount of Senior Unsecured Notes. USD 200 million 5.90% in Senior Notes will mature on 15 March 2014, and USD 200 million 6.20% in Senior Notes will mature on 15 March 2016. Subject to customary closing conditions the transaction is expected to close on 12 March 2004. The notes are being issued by Corning pursuant to its existing USD 5 billion universal shelf registration statement, which became effective in March 2001. Net proceeds of the offering will be used to reduce debt and for general corporate purposes. Banc of America Securities LLC and J.P. Morgan Securities Inc. served as lead underwriters for the offering. “Our action today to access the debt markets at historical low levels provides a unique opportunity to raise new capital at very attractive terms and conditions,” said James B. Flaws, vice chairman and chief financial officer. “This new capital will enable us to extend the duration of our debt portfolio and to fund growth opportunities. This offering combined with our ongoing debt reduction program fit into Corning“s first leadership priority of improving our financial health. The proceeds will also enable Corning to continue to invest in its fast growing LCD business which is expected to drive our profit improvement in 2004.”