Summary
Corning Incorporated (GLW) announced on March 13, 2013, the execution of a new Amended and Restated Credit Agreement, effective the same date. This agreement replaces their previous credit facility from December 2010. Notably, there were no outstanding borrowings under the prior agreement at the time of this update, indicating a strong liquidity position for the company. The new credit facility provides Corning with access to up to $1 billion in borrowings, with an option to increase this by an additional $250 million. The funds can be drawn in multiple major currencies (Dollars, Sterling, Yen, Euros) by Corning and its wholly-owned subsidiaries. The agreement includes standard covenants, such as maintaining a specific debt-to-capital ratio, limitations on liens and subsidiary debt, and requirements for periodic financial reporting. The facility has a termination date of March 13, 2018, with potential one-year extensions.
Key Highlights
- 1Corning entered into a new $1 billion Amended and Restated Credit Agreement, effective March 13, 2013.
- 2The new credit agreement replaces the previous one from December 2010.
- 3At the time of the update, there were no outstanding borrowings under the existing credit agreement, signaling robust financial health.
- 4The facility allows for potential increases of up to $250 million.
- 5Borrowings are available in multiple currencies: USD, GBP, JPY, and EUR.
- 6The agreement includes key financial covenants, such as a maximum consolidated debt-to-total capital ratio of 0.50 to 1.00.
- 7The credit facility has a maturity date of March 13, 2018, with possible one-year extensions.