Kodak tenders for up to $575 million of 3.375% convertibles at par

By Susanna Moon

Chicago, Sept. 18 - Eastman Kodak Co. said it began a tender offer to purchase for cash up to $575 million principal amount of its 3.375% convertible senior notes due 2033.

Kodak is offering to purchase the notes at par plus accrued interest to the purchase date.

The tender offer is scheduled to expire at 5 p.m. ET on Oct. 19.

Kodak said it expects to fund the purchase of the notes with proceeds from its previously announced sale of senior secured notes and a private placement of its convertible notes.

Completion of the tender offer is subject to the completion of the private placement of its convertible notes and of the sale of senior secured notes. The tender offer is not conditioned upon a minimum principal amount of notes being tendered.

Morgan Stanley & Co. Inc. is the dealer manager. Georgeson, Inc. (800 248-7605 or banks and brokers 212-440-9800) is the information agent, and the Bank of New York Mellon is the depositary.

Eastman Kodak is a Rochester, N.Y.-based provider of imaging technology products and services to the photographic and graphic communications markets.

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