Summary
Corning Incorporated (GLW) filed an 8-K on November 18, 2013, to disclose details regarding the pricing and offering of its Notes. The company announced the sale of $250 million in aggregate principal amount of 3.70% Notes due 2023. The offering was priced at 99.777% of the principal amount, with expected net proceeds of approximately $247 million after deducting underwriting discounts and estimated expenses. The net proceeds from this offering are intended for general corporate purposes. This issuance was made under the company's existing registration statement and involved a prospectus supplement filed with the SEC. The closing of the sale was scheduled for November 18, 2013. This event indicates Corning's proactive management of its capital structure to support its ongoing business operations and strategic initiatives.
Key Highlights
- 1Corning Inc. priced $250 million of 3.70% Notes due 2023.
- 2The Notes were offered at 99.777% of their principal amount.
- 3Expected net proceeds from the offering are approximately $247 million.
- 4Proceeds are intended for general corporate purposes.
- 5The offering was conducted under a Form S-3 registration statement.
- 6The sale closing was scheduled for November 18, 2013.