Summary
Corning Incorporated (GLW) filed an 8-K on May 11, 2009, to disclose details regarding a significant notes offering that occurred on May 7, 2009, with the closing on May 12, 2009. The company successfully offered and sold a total of $350 million in senior notes, comprising $250 million of 6.625% Notes due 2019 and $100 million of 7.000% Notes due 2024. These proceeds are intended for general corporate purposes, providing the company with additional financial flexibility. The offering was conducted under an effective automatic shelf registration statement filed in December 2008 and was managed by J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. This filing is important for investors to understand the company's financing activities and its capital structure at the time.
Key Highlights
- 1Corning Inc. raised $350 million through a debt offering consisting of two tranches of senior notes.
- 2The offering included $250 million of 6.625% Notes due 2019.
- 3The offering also included $100 million of 7.000% Notes due 2024.
- 4Net proceeds from the offering are expected to be approximately $346.3 million, after deducting underwriting discounts and estimated expenses.
- 5The net proceeds are designated for general corporate purposes.
- 6The offering was conducted under Corning's automatic shelf registration statement.
- 7The closing of the sale of the notes occurred on May 12, 2009.