Eastman Kodak Closes the Sale of $100 Million of Convertible Notes
May 24 2019 - 3:10PM
Business Wire
Eastman Kodak Company (NYSE: KODK) today announced that it has
closed the previously announced issue and sale of $100 million
aggregate principal amount of its 5.00% Secured Convertible Notes
due 2021 (the “Convertible Notes”) to funds managed by Southeastern
Asset Management, an employee-owned, global investment management
firm.
Kodak shareholders who are not affiliated with the purchasers of
the Convertible Notes holding a majority of the outstanding shares
of Kodak common stock not held by the purchasers of the Convertible
Notes have entered into support agreements agreeing to execute
written consents approving the conversion feature of the
Convertible Notes and the issuance of shares of Kodak common stock
upon conversion of the Convertible Notes.
Concurrent with the closing of the Convertible Notes issuance,
Kodak repaid in full the approximately $83 million outstanding
under its senior secured first lien term loan facility.
About Kodak
Kodak is a technology company focused on imaging. We provide –
directly and through partnerships with other innovative companies –
hardware, software, consumables and services to customers in
graphic arts, commercial print, publishing, packaging,
entertainment and commercial films, and consumer products markets.
With our world-class R&D capabilities, innovative solutions
portfolio and highly trusted brand, Kodak is helping customers
around the globe to sustainably grow their own businesses and enjoy
their lives. For additional information on Kodak, visit us at
kodak.com, follow us on Twitter @Kodak, or like us on Facebook at
Kodak.
About Southeastern Asset Management
Southeastern Asset Management is an employee-owned, global
investment firm founded in 1975. Southeastern employs a value
investment approach, focusing on long-term investments in strong
businesses, which are managed by good people and trade at deeply
discounted prices relative to intrinsic value. The firm seeks to
build collaborative, constructive relationships with company boards
and management to support long-term value creation. Southeastern is
headquartered in Memphis, with global offices in London, Singapore,
and Sydney. Additional information can be found at
www.southeasternasset.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. The offer and sale
of the Convertible Notes are being made in a transaction not
involving a public offering and have not been registered under the
Securities Act of 1933, as amended, or applicable state securities
laws. Accordingly, the Convertible Notes may not be reoffered or
resold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190524005379/en/
Media Contacts:Nick
Rangel, Kodak, +1 585-615-0549, nicholas.rangel@kodak.comOr
Southeastern Asset Management, +1 901-761-2474,
longleaf@SEasset.comInvestor
Contact:Bill Love, Kodak, +1 585-724-4053,
shareholderservices@kodak.com
Eastman Kodak (NYSE:KODK)
Historical Stock Chart
From Apr 2024 to May 2024
Eastman Kodak (NYSE:KODK)
Historical Stock Chart
From May 2023 to May 2024