New Issue: Kodak sells upsized $250 million 10 5/8% eight-year notes at 98.686 to yield 10 7/8%

By Paul A. Harris

Portland, Ore., March 10 - Eastman Kodak Co. priced an upsized $250 million issue of 10 5/8% eight-year senior secured second-lien notes (B1/CCC/) at 98.686 to yield 10 7/8% on Thursday, according to an informed source.

The yield printed on top of the price talk.

Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market deal, which was upsized from $200 million.

Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. were the joint bookrunners.

The Rochester, N.Y.-based provider of imaging technology products and services will use the proceeds for general corporate purposes, including the repurchase of debt.

Issuer:	Eastman Kodak Co.
Face amount:	$250 million, increased from $200 million
Proceeds:	$246,715,000
Maturity:	March 15, 2019
Securities:	Senior secured second-lien notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	Bank of America Merrill Lynch, Morgan Stanley & Co. Inc.
Coupon:	10 5/8%
Price:	98.686
Yield:	10 7/8%
Spread:	789 bps
Call features:	Make-whole call at Treasuries plus 50 bps until March 15, 2015, then callable at 105.313, 102.656, par on and after March 15, 2017
Equity clawback:	35% at 110.625 until March 15, 2014
Change-of-control put:	101%
Trade date:	March 10
Settlement date:	March 15
Ratings:	Moody's: B1
	Standard & Poor's: CCC
Distribution:	Rule 144A and Regulation S for life
Price talk:	10 7/8% area
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.