Eastman Chemical tenders for $250 million 5.5% notes via new issue

By Susanna Moon

Chicago, Oct. 30 – Eastman Chemical Co. is tendering for its $250 million of 5.5% notes due 2019 until 5 p.m. ET on Nov. 5 using proceeds of new notes to be issued in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

Eastman also plans to redeem $550 million of its $800 million 2.7% notes due 2020 via the new issue.

Pricing will be set at 2 p.m. ET on Nov. 5 using the 3.375% U.S. Treasury note due Nov. 15, 2019 plus 30 basis points.

The issuer will also pay accrued interest up to but excluding the settlement date of Nov. 6.

Settlement for notes tendered under guaranteed delivery procedures is expected to occur on Nov. 8.

Tenders may be withdrawn any time before the offer ends.

The tender includes a financing condition.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 for banks and brokers only or 800 967-5074 for all others or by e-mail at eastmanchemical@dfking.com or dfking.com/EMN) is the information and tender agent.

The company said it plans to call any of the 2019 notes that are not tendered in the offer.

Eastman Chemical is a specialty chemical company based in Kingsport, Tenn.

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