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Corning Inc. (GLW), a leader in specialty glass and ceramics, plans to issue $500 million of 30-year senior unsecured bonds in the U.S. credit markets Wednesday, according to a person familiar with the matter.
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., 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; firstname.lastname@example.org