Eastman Announces Offering of $800 Million 2.70% Notes due 2020, $800 Million 3.80% Notes due 2025 and $400 Million 4.65% Notes due 2044
(Thomson Reuters ONE) -
KINGSPORT, Tenn. - November 10, 2014 - Eastman Chemical Company (NYSE:EMN) today
announced the public offering of $800 million 2.70% notes due 2020, $800 million
3.80% notes due 2025 and $400 million 4.65% notes due 2044 (the "Additional
2044 Notes" and collectively with the other series of notes, the "Notes"). The
Additional 2044 Notes will be an issuance of additional notes to the already
outstanding $500 million aggregate principal amount of Eastman's 4.65% Notes due
2044, which were issued on May 15, 2014 (the "Existing 2044 Notes"). The
Additional 2044 Notes will be consolidated as a single series with the Existing
2044 Notes, including for purposes of voting and redemption. The offering of
Notes is expected to close on November 20, 2014, subject to customary closing
conditions.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated are serving as joint book-running managers
for the offering.
Eastman intends to use the net proceeds from the offering to pay a portion of
the cash consideration for its previously announced acquisition of Taminco
Corporation ("Taminco"), repay certain outstanding indebtedness of Taminco and
pay transaction expenses incurred in connection with the acquisition.
If Eastman is unable to complete its previously announced acquisition of Taminco
by May 30, 2015, or, if prior to May 30, 2015, the merger agreement with Taminco
is terminated, Eastman will be required to redeem all of the outstanding 2.70%
Notes due 2020 and all of the outstanding 3.80% Notes due 2025 at a redemption
price equal to 101% of their principal amount, plus accrued and unpaid interest
to, but excluding, the date of redemption (the "Special Mandatory Redemption").
The Additional 2044 Notes and Existing 2044 Notes will not be subject to the
Special Mandatory Redemption and the net proceeds from the Additional 2044 Notes
will be used for general corporate purposes.
The offering is being made under an automatic shelf registration statement on
Form S-3 (Registration No. 333-181549) filed by Eastman with the Securities and
Exchange Commission ("SEC") on May 18, 2012 and only by means of a prospectus
supplement and accompanying prospectus. A preliminary prospectus supplement has
been filed, and an issuer free writing prospectus and a prospectus supplement
relating to the offering of the Notes will be filed, with the SEC, to which this
communication relates. Prospective investors should read the issuer free writing
prospectus, preliminary prospectus supplement and the accompanying prospectus
included in the registration statement and other documents Eastman has filed
with the SEC for more complete information about Eastman and this offering.
These documents are available at no charge by visiting EDGAR on the SEC website
at http://www.sec.gov. Alternatively, the prospectus and the prospectus
supplement may be obtained by contacting Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
(tel): 1-800-831-9146, prospectus(at)citi.com, J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk,
(tel): 1-212-834-4533, and/or Merrill Lynch, Pierce, Fenner & Smith
Incorporated, 222 Broadway, 11th Floor, New York, NY 10038, Attention:
Prospectus Department, or email: dg.prospectus_requests(at)baml.com, (tel):
1-800-294-1322.
This communication is neither an offer to sell nor a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of these
securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. The offering of these securities will
be made only by means of the applicable prospectus supplement and the related
prospectus. The securities being offered have not been approved or disapproved
by any regulatory authority, nor has any such authority passed upon the accuracy
or adequacy of the registration statement, the prospectus contained therein or
the applicable prospectus supplement.
Forward-Looking Statements: This communication includes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 and the federal securities laws. Actual results could differ materially
from expectations expressed in the forward-looking statements if one or more of
the underlying assumptions or expectations prove to be inaccurate or are
unrealized. Important factors that could cause actual results to differ
materially from such expectations are and will be detailed in the company's
filings with the Securities and Exchange Commission, including the Form 10-Q
filed for third quarter 2014 available on the Eastman web site at
www.eastman.com in the Investors, SEC filings section.
Eastman is a global specialty chemical company that produces a broad range of
products found in items people use every day. With a portfolio of specialty
businesses, Eastman works with customers to deliver innovative products and
solutions while maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology platforms and
leading positions in attractive end-markets such as transportation, building and
construction and consumables. Eastman focuses on creating consistent, superior
value for all stakeholders. As a globally diverse company, Eastman serves
customers in approximately 100 countries and had 2013 revenues of approximately
$9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and
employs approximately 14,000 people around the world. For more information,
visit www.eastman.com.
Media:
Tracy Kilgore, 423-224-0498
tjkilgore(at)eastman.com
Investors:
Greg Riddle, 212-835-1620
griddle(at)eastman.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastman Chemical Company via GlobeNewswire
[HUG#1870387]
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2014 - 00:53 Uhr
Sprache: Deutsch
News-ID 351346
Anzahl Zeichen: 7054
contact information:
Town:
Kingsport
Kategorie:
Business News
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