Corning Incorporated Prices ¥78 Billion of Yen-Denominated Senior Notes
August 04 2017 - 9:00AM
CORNING, N.Y., AUGUST 4, 2017
- Corning Incorporated (NYSE: GLW) announced today that it has
priced ¥78 billion (par value) in yen-denominated senior notes. The
offering consists of ¥21billion of 0.698% senior notes due 2024,
¥47 billion of 0.992% senior notes due 2027 and ¥10 billion of
1.583% senior notes due 2037. The net proceeds of the offerings
will be used for general corporate purposes.
"Corning's issuance of yen-denominated senior
notes represents another step in our company's Strategy and Capital
Allocation Framework announced in October 2015," said Tony Tripeny,
senior vice president and chief financial officer, Corning
Incorporated. "This inaugural yen issuance provides attractive
funding, broadens our investor base and supplements our successful
yen hedging activities. Corning is a world-leading producer
of display glass, the sales of which are priced in the Japanese
yen, and the bond issue also helps to reduce our exposure to
fluctuations in the currency."
BofA Merrill Lynch, MUFG, and SMBC Nikko served as
joint book-running managers and underwriters for the offering. The
offering of the notes is being made only by means of a prospectus
and a related prospectus supplement, copies of which will be
available by contacting:
Merrill Lynch International
Attn: Prospectus Department
200 North College Street, 3rd floor
Charlotte, North Carolina 28255-0001
Tel: 800.294.1322
Email: dg.prospectus_requests@baml.com
MUFG Securities EMEA plc
Attn: Legal Department
Ropemaker Place
25 Ropemaker Street
London, EC2Y 9AJ
United Kingdom
Tel: +44 20 7577 2206
Email: DCMDebtSyndication@mufgsecurities.com
SMBC Nikko Securities America, Inc.
Attn: Securities Operations
277 Park Avenue
New York, New York 10172
Tel: 888.868.6856
Email: prospectus@smbcnikko-si.com
An electronic copy of the prospectus supplement
and the accompanying prospectus will also be available on the
website of the Securities and Exchange Commission at
http://www.sec.gov.
This news release shall not constitute an offer to
sell, or the solicitation of an offer to buy the notes, nor shall
there be any sale of the notes in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a 166-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramics science, and optical physics along with its deep
manufacturing and engineering capabilities to develop
category-defining products that transform industries and enhance
people's lives. Corning succeeds through sustained investment in
RD&E, a unique combination of material and process innovation,
and deep, trust-based relationships with customers who are global
leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contact:
M. Elizabeth
Dann
(607)
974-4989
dannme@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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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: Corning Incorporated via Globenewswire
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