UPDATE: Corning Enlarges Bond Deal To $750 Million - Source
15 Febbraio 2012 - 7:02PM
Dow Jones News
Corning Inc. (GLW) enlarged its offering of senior unsecured
notes to $750 million from $500 million Wednesday, according to a
person familiar with the matter.
The deal is now a two-part offering with $500 million of 30-year
bonds, as reported earlier, and a new $250 million tranche of
25-year bonds.
Early pricing guidance has the 30-year bonds at around 175 basis
points over the Treasury rate, and the 25-year bonds at around 170
basis points over Treasurys.
The bonds are anticipated to be rated A3 by Moody's Investors
Service, BBB-plus by Standard & Poor's and A-minus by Fitch
Ratings. They are registered with the Securities and Exchange
Commission.
The Corning, N.Y., specialty glass and ceramics company intends
to use the funds for general corporate purposes.
The bonds feature a change of control provision allowing
investors to redeem the notes at 101 cents on the dollar should the
company be acquired.
J.P. Morgan and Wells Fargo Securities are lead
underwriters.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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