Kodak settles $400 million five-year amended, restated credit facility

By Marisa Wong

Madison, Wis., April 26 - Eastman Kodak Co. announced it closed on a five-year amended and restated credit agreement on Tuesday.

The amended facility provides for revolving loans and letters of credit for up to $400 million.

The borrowers are Eastman Kodak and Kodak Canada Inc.

The facility contains affirmative and negative covenants and is secured by the borrowers' and their subsidiaries' assets.

The previous credit agreement was scheduled to expire on March 31, 2012.

Kodak said the amended facility gives the company enhanced financial flexibility to complete its business transformation.

"We are very pleased to have our new amended facility in place, with favorable terms that increase our financial flexibility," said chief financial officer Antoinette McCorvey in a news release.

"We remain committed to completing Kodak's transformation into a sustainable, profitable company in 2012, and we have the financial resources necessary to achieve that goal."

Currently, there is no debt or borrowed money outstanding under the amended facility.

The imaging technology products and services provider is based in Rochester, N.Y.

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