Summary
Corning Incorporated (GLW) announced the completion of a public offering of ¥37.2 billion (approximately $349.0 million) in senior notes on August 14, 2019. This offering included ¥31.3 billion of 1.153% Notes due 2031 and ¥5.9 billion of 1.513% Notes due 2039. The notes were sold at par value. The net proceeds from this offering are earmarked for general corporate purposes, providing the company with financial flexibility.
Key Highlights
- 1Corning completed a public offering of ¥37.2 billion (approximately $349.0 million) in aggregate principal amount of senior notes.
- 2The offering consisted of ¥31.3 billion of 1.153% Notes due 2031 and ¥5.9 billion of 1.513% Notes due 2039.
- 3The notes were issued at 100% of their aggregate principal amount.
- 4Net proceeds are estimated to be approximately ¥36.9 billion ($349.0 million) after deducting underwriting discounts and expenses.
- 5Proceeds will be used for general corporate purposes, including potential stock repurchases, dividends, debt repayment, acquisitions, working capital, and capital expenditures.
- 6The offering was conducted under the company's existing Form S-3 shelf registration statement.