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.
Frequently Asked Questions
Corning raised a total of ¥37.2 billion (approximately $349.0 million) in aggregate principal amount of senior notes.
The company issued ¥31.3 billion of 1.153% Notes due 2031 and ¥5.9 billion of 1.513% Notes due 2039.
The net proceeds are intended for general corporate purposes. This may include funding stock repurchases, dividend payments, debt reduction, acquisitions, working capital needs, and capital expenditures.
The notes were offered and sold under Corning's existing Registration Statement on Form S-3 (Registration No. 333-222158), which relates to the delayed offering of debt securities.