Summary
Corning Incorporated (GLW) announced on June 7, 2018, the completion of a public offering of notes, raising approximately ¥65.0 billion (approximately $598.1 million) in net proceeds. The offering consisted of three tranches of notes with varying interest rates and maturity dates: 0.722% Notes due 2025, 1.043% Notes due 2028, and 1.219% Notes due 2030. These notes were sold at par value. The company plans to utilize the net proceeds from this offering for general corporate purposes. This includes potential share repurchases and dividend payments as part of its capital allocation strategy, debt repayment, funding acquisitions, bolstering working capital, and for capital expenditures and investments. The proceeds may be invested in short-term instruments until deployment for these stated purposes. This offering was conducted under Corning's existing Form S-3 shelf registration statement.
Key Highlights
- 1Corning Inc. completed a public offering of ¥65.0 billion aggregate principal amount of notes.
- 2The offering raised approximately $598.1 million in net proceeds after deducting expenses and underwriting discounts.
- 3The notes issued include 0.722% Notes due 2025, 1.043% Notes due 2028, and 1.219% Notes due 2030.
- 4All notes were sold at 100% of their aggregate principal amount.
- 5Net proceeds are intended for general corporate purposes, including capital allocation strategies (share buybacks, dividends), debt reduction, acquisitions, working capital, and capital expenditures.
- 6The offering was conducted under Corning's existing Form S-3 shelf registration statement.
- 7The issuance was facilitated through an Underwriting Agreement and a Pricing Agreement with Merrill Lynch International, MUFG Securities EMEA plc, and SMBC Nikko Securities America, Inc.