8-KRegulation FDOther EventsExhibits & Filings

CORNING INC /NY 8-K Report, Regulation FD Disclosure (Jun 21, 2005)

Filed June 21, 2005For Securities:GLW

Summary

Corning Incorporated (GLW) announced on June 17, 2005, that it agreed to sell $100 million in principal amount of its 6.050% Notes due 2015. This debt issuance was part of the company's strategy to reduce overall debt costs and optimize its debt maturity profile. The offering was conducted under a universal shelf registration statement and involved an underwriting agreement with Citigroup Global Markets Inc. The net proceeds are intended for general corporate purposes, including further debt reduction. This action reflects a proactive approach by Corning to manage its financial structure by replacing higher-interest debt with a new issuance at a lower rate.

Key Highlights

  • 1Corning Inc. priced $100 million in aggregate principal amount of 6.050% senior unsecured notes due June 15, 2015.
  • 2The offering was made under Corning's existing $5 billion universal shelf registration statement.
  • 3Net proceeds are intended for debt reduction and general corporate purposes.
  • 4This issuance replaces higher-interest 7% debentures due in 2007 that were redeemed on June 13, 2005.
  • 5The transaction aims to reduce interest expense and extend the duration of the company's debt portfolio.
  • 6Citigroup Global Markets Inc. served as the underwriter for the offering.
  • 7The transaction was expected to close on June 21, 2005.

Frequently Asked Questions

The primary purpose of this issuance is to reduce Corning's overall debt costs and extend the maturity profile of its debt. Specifically, the company is replacing higher-interest 7% debentures with these new notes carrying a lower 6.050% interest rate.

The net proceeds from the offering are intended for general corporate purposes, which include further reducing the company's overall debt and managing interest expenses.

The notes are senior unsecured notes with a principal amount of $100 million, a coupon rate of 6.050%, and a maturity date of June 15, 2015. They are redeemable under specific conditions outlined in the indenture, including at the company's option prior to June 15, 2010, at a premium based on Treasury rates, and at par on or after June 15, 2010.

Citigroup Global Markets Inc. served as the underwriter for this $100 million note offering.