Corning Issuing $500 Million 30-Year Bonds In US Markets - Source

Date : 02/15/2012 @ 9:47AM
Source : Dow Jones News
Stock : Corning Incorporated (GLW)
Quote : 31.25  -0.48 (-1.51%) @ 10:12AM

Corning Issuing $500 Million 30-Year Bonds In US Markets - Source

Corning (NYSE:GLW)
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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; patrick.mcgee@dowjones.com

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