Eastman intends to use a portion of the net proceeds from the sale of the Notes to complete the previously announced cash tender offer
Eastman Chemical Company announced the pricing of its public offering of $500 million aggregate principal amount of 5.000% notes due 2029 (Notes).
BofA Securities, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA and Morgan Stanley & Co. are serving as active joint book-running managers for the offering. Barclays Capital, BNP Paribas Securities Corp., Truist Securities and Wells Fargo Securities are serving as passive joint book-running managers for the offering. The offering of the Notes is expected to be completed on August 1, 2024, subject to customary closing conditions.
Eastman intends to use a portion of the net proceeds from the sale of the Notes to complete the previously announced cash tender offer to purchase up to an aggregate principal amount of $250 million of its outstanding 3.800% Notes due 2025 and to pay any related fees and expenses in connection with the Tender Offer.
The Tender Offer will expire on August 26, 2024, unless extended or earlier terminated by Eastman. Any proceeds not used for the foregoing will be used for general corporate purposes, which may include working capital, capital expenditures, the repayment of other indebtedness outstanding from time to time, and other matters in connection with the implementation of its strategic initiatives.
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