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2016-11-16

Eastman Chemical Company: Eastman Announces Offering of €200 Million 1.50% Notes due 2023 and €500 Million 1.875% Notes due 2026

KINGSPORT, Tenn.
, November 16, 2016 - Eastman Chemical Company (NYSE:EMN) today announced the
public offering of €200 million (or $218 million based on the euro/U.S.
dollar exchange rate as of November 10, 2016 as published by the U.S. Federal
Reserve Board (the "exchange rate")) principal amount of additional 1.50%
notes due 2023 (the "2023 Notes") and €500 million (or $544 million based on
the exchange rate) principal amount of 1.875% notes due 2026 (the "2026
Notes" and, together with the 2023 Notes, the "Notes"). The 2023 Notes will
be issued as additional notes of the same series as Eastman's currently
outstanding €550 million aggregate principal amount of 1.50% notes due 2023,
issued on May 26, 2016 (the "existing 2023 notes"). The 2023 Notes will be
treated as a single series with the existing 2023 notes and will have the
same terms (other than the date of issue and the initial price), including
having the same ISIN, Common Code and CUSIP number, as the existing 2023
notes. The offering of Notes is expected to close on November 21, 2016,
subject to customary closing conditions.

Citigroup Global Markets Limited, Morgan Stanley&Co. International plc and
Wells Fargo Securities International Limited are serving as joint
book-running managers for the offering.

Eastman intends to use a portion of the net proceeds from the offering to
complete the previously announced cash tender offer for up to $400 million
combined aggregate principal amount of its 4.5% notes due 2021, 3.6% notes
due 2022, 7 1/4% debentures due 2024, 7 5/8% debentures due 2024, 3.80% notes
due 2025 and 7.60% debentures due 2027, which offer will expire on November
29, 2016, unless extended or earlier terminated, and to redeem the
approximately $160 million outstanding aggregate principal amount of its
6.30% notes due 2018. Eastman intends to use the remaining net proceeds to
repay or redeem a portion of the $500 million outstanding aggregate principal
amount of its 2.4% notes due 2017, either at or prior to maturity. 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 strategic initiatives.
Pending the application of any net proceeds, Eastman expects to invest such
net proceeds in short-term investments.

The offering is being made under an automatic shelf registration statement on
Form S-3 (Registration No. 333-204119) filed by Eastman with the Securities
and Exchange Commission ("SEC") on May 13, 2015 and only by means of a
prospectus supplement and accompanying prospectus. A preliminary prospectus
supplement has been filed, and an issuer free writing prospectus and a
prospectus supplement relating to the offering of the Notes will be filed,
with the SEC, to which this communication relates. Prospective investors
should read the issuer free writing prospectus, preliminary prospectus
supplement and the accompanying prospectus included in the registration
statement and other documents Eastman has filed with the SEC for more
complete information about Eastman and the offering. These documents are
available at no charge by visiting EDGAR on the SEC website at
http://www.sec.gov. Alternatively, the prospectus and the prospectus
supplement may be obtained by contacting Citigroup Global Markets Limited,
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United
Kingdom, Attention: Syndicate Desk, (tel): 1-800-831-9146, Morgan Stanley&Co.
International plc, 25 Cabot Square, Canary Wharf, London E14 4QA, United
Kingdom, Attention: Head of Transaction Management Group, Global Capital
Markets, (tel): 1-866-718-1649 or Wells Fargo Securities International
Limited, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD, United
Kingdom, Attention: DCM&Syndicate, (tel): +44 (0)207 149 8481.

This communication is neither an offer to sell nor a solicitation of an offer
to buy the securities described herein, nor shall there be any offer,
solicitation or sale of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction. The
offering of these securities will be made only by means of the applicable
prospectus supplement and the related prospectus. The securities being
offered have not been approved or disapproved by any regulatory authority,
nor has any such authority passed upon the accuracy or adequacy of the
registration statement, the prospectus contained therein or the applicable
prospectus supplement.

Forward-Looking Statements:
This communication includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and the federal
securities laws concerning, among other things, the offering of the Notes and
the use of proceeds therefrom. Actual results could differ materially from
expectations expressed in the forward-looking statements if one or more of
the underlying assumptions or expectations prove to be inaccurate or are
unrealized. Important factors that could cause actual results to differ
materially from such expectations are and will be detailed in the company's
filings with the Securities and Exchange Commission, including the Form 10-Q
filed for third quarter 2016 and available on the Eastman website at
www.eastman.com in the Investors, SEC filings section.

Eastman is a global specialty chemical company that produces a broad range of
products found in items people use every day. With a portfolio of specialty
businesses, Eastman works with customers to deliver innovative products and
solutions while maintaining a commitment to safety and sustainability. Its
market-driven approaches take advantage of world-class technology platforms
and leading positions in attractive end-markets such as transportation,
building and construction and consumables. Eastman focuses on creating
consistent, superior value for all stakeholders. As a globally diverse
company, Eastman serves customers in approximately 100 countries and had 2015
revenues of approximately $9.6 billion. The company is headquartered in
Kingsport, Tennessee, USA and employs approximately 15,000 people around the
world.

# # #

Contacts:

Media:

Tracy Kilgore Addington
423-224-0498 / tracy@eastman.com

Investors:

Greg Riddle
212-835-1620 / griddle@eastman.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: Eastman Chemical Company via Globenewswire

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