Corning Incorporated announced 16 June 2005 that it has priced USD 100 million aggregate principal amount of senior unsecured notes at 6.05%. The senior notes will mature on 15 June 2015 and are being…
Corning Incorporated announced 16 June 2005 that it has priced USD 100 million aggregate principal amount of senior unsecured notes at 6.05%. The senior notes will mature on 15 June 2015 and are being issued pursuant to Corning“s existing USD 5 billion universal shelf registration statement. Subject to customary closing conditions the transaction is expected to close on 21 June 2005. Net proceeds of the offering will be used to reduce debt costs and for general corporate purposes. The company said that this new issue will replace the 7% debentures due in 2007 that were redeemed on 13 June 2005. “This new capital will enable us to reduce our interest expense and extend the duration of our debt portfolio,” said James B. Flaws, vice chairman and chief financial officer. “We had a goal to drive our debt below USD 2 billion this year, and this transaction will not preclude us from meeting that objective,” he said. Citigroup Global Markets Inc. served as underwriter for the offering.