E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/5/2018 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Eastman Chemical to pay 102.448 in tender for $250 million 5.5% notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 5 – Eastman Chemical Co. announced pricing terms in its tender offer for its $250 million of 5.5% notes due 2019.

For each $1,000 of notes tendered, the company will pay a total consideration of $1,024.48, according to a press release.

Pricing was set at 2 p.m. ET on Nov. 5 using the 3.375% U.S. Treasury note due Nov. 15, 2019 for a reference yield of 2.755% plus 30 basis points for a repurchase yield of 3.055%.

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.

The offer will expire at 5 p.m. ET on Nov. 5.

It was announced on Oct. 30.

The tender is being funded proceeds of new notes to be issued in two tranches.

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

Tenders may be withdrawn any time before the offer ends.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.


© 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.