Eastman Kodak to repurchase $300 million 10½% senior notes from KKR

By Lisa Kerner

Charlotte, N.C., Feb. 24 - Eastman Kodak Co. agreed with affiliates of Kohlberg Kravis Roberts & Co. LLP to repurchase all $300 million principal amount of 10½% senior secured notes due 2017 previously issued to KKR.

The repurchase is contingent on the satisfaction or waiver of some conditions and the sale of at least $300 million total principal amount of debt securities, according to a Kodak news release.

Kodak said the repurchase, in addition to its previously announced tender for up to $200 million principal amount of 7¼% senior notes due 2013, will extend the maturity of the company's debt and should increase Kodak's financial flexibility. It was initially tendering for up to $100 million of the 7¼% notes.

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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