Eastman Announces Offering of ?200 Million 1.50% Notes due 2023 and ?500 Million 1.875% Notes due 2026
(Thomson Reuters ONE) -
KINGSPORT, Tenn., November 16, 2016 - Eastman Chemical Company (NYSE:EMN) today
announced the public offering of ?200 million (or $218 million based on the
euro/U.S. dollar exchange rate as of November 10, 2016 as published by the U.S.
Federal Reserve Board (the "exchange rate")) principal amount of additional
1.50% notes due 2023 (the "2023 Notes") and ?500 million (or $544 million based
on the exchange rate) principal amount of 1.875% notes due 2026 (the "2026
Notes" and, together with the 2023 Notes, the "Notes"). The 2023 Notes will be
issued as additional notes of the same series as Eastman's currently outstanding
?550 million aggregate principal amount of 1.50% notes due 2023, issued on May
26, 2016 (the "existing 2023 notes"). The 2023 Notes will be treated as a single
series with the existing 2023 notes and will have the same terms (other than the
date of issue and the initial price), including having the same ISIN, Common
Code and CUSIP number, as the existing 2023 notes. The offering of Notes is
expected to close on November 21, 2016, subject to customary closing conditions.
Citigroup Global Markets Limited, Morgan Stanley & Co. International plc and
Wells Fargo Securities International Limited are serving as joint book-running
managers for the offering.
Eastman intends to use a portion of the net proceeds from the offering to
complete the previously announced cash tender offer for up to $400 million
combined aggregate principal amount of its 4.5% notes due 2021, 3.6% notes due
2022, 7 1/4% debentures due 2024, 7 5/8% debentures due 2024, 3.80% notes due
2025 and 7.60% debentures due 2027, which offer will expire on November
29, 2016, unless extended or earlier terminated, and to redeem the approximately
$160 million outstanding aggregate principal amount of its 6.30% notes due
2018. Eastman intends to use the remaining net proceeds to repay or redeem a
portion of the $500 million outstanding aggregate principal amount of its 2.4%
notes due 2017, either at or prior to maturity. Any proceeds not used for the
foregoing will be used for general corporate purposes, which may include working
capital, capital expenditures, the repayment of other indebtedness outstanding
from time to time, and other matters in connection with the implementation of
strategic initiatives. Pending the application of any net proceeds, Eastman
expects to invest such net proceeds in short-term investments.
The offering is being made under an automatic shelf registration statement on
Form S-3 (Registration No. 333-204119) filed by Eastman with the Securities and
Exchange Commission ("SEC") on May 13, 2015 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 the
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
Limited, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United
Kingdom, Attention: Syndicate Desk, (tel): 1-800-831-9146, Morgan Stanley & Co.
International plc, 25 Cabot Square, Canary Wharf, London E14 4QA, United
Kingdom, Attention: Head of Transaction Management Group, Global Capital
Markets, (tel): 1-866-718-1649 or Wells Fargo Securities International Limited,
One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD, United Kingdom,
Attention: DCM & Syndicate, (tel): +44 (0)207 149 8481.
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 offer, solicitation
or 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 concerning, among other things, the
offering of the Notes and the use of proceeds therefrom. 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 2016 and available on the Eastman website 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 2015 revenues of approximately
$9.6 billion. The company is headquartered in Kingsport, Tennessee, USA and
employs approximately 15,000 people around the world.
# # #
Contacts:
Media:
Tracy Kilgore Addington
423-224-0498 / tracy(at)eastman.com
Investors:
Greg Riddle
212-835-1620 / griddle(at)eastman.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastman Chemical Company via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.11.2016 - 22:35 Uhr
Sprache: Deutsch
News-ID 507635
Anzahl Zeichen: 7634
contact information:
Town:
Kingsport
Kategorie:
Business News
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