Corning Prices $750 Million of Senior Unsecured Notes
May 06 2015 - 7:30AM
CORNING, N.Y., May 6,
2015 - Corning Incorporated (NYSE:GLW) announced today
that on May 5, 2015 it priced $375 million aggregate principal
amount of senior unsecured notes that mature on May 8, 2018 at a
coupon of 1.500% and $375 million aggregate principal amount of
senior unsecured notes that mature on May 15, 2022 at a coupon of
2.900%. Subject to customary closing conditions, the sales are
expected to close on May 8, 2015. The net proceeds of the offerings
will be used for general corporate purposes.
Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated 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 Deutsche Bank Securities
Inc., Attn.: Prospectus Group at 60 Wall Street, New York, New
York, 10005-2836, Telephone: (800) 503-4611, J.P. Morgan Securities
LLC at 383 Madison Avenue New York, New York 10179, Attention:
Investment Grade Syndicate Desk - 3rd floor, Telephone: (212)
834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated
at 222 Broadway, 11th Floor, New York, New York 10038, Attention:
Prospectus Department, Telephone: (800) 294-1322. 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.
The offering is being made pursuant to an
effective automatic shelf registration statement filed with the
Securities and Exchange Commission on January 16, 2015.
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) relating to the sale of the notes, which are based on current
expectations and assumptions about Corning's financial results and
business operations, that involve substantial risks and
uncertainties. These risks and uncertainties include, among other
risks set forth in our Annual Report on Form 10-K filed February
13, 2015 and our quarterly report on Form 10-Q filed April 30,
2015: 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. Details on these and
other risk factors can be found 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.
Corning
Incorporated
Corning is a world leader in the manufacture of specialty glass and
ceramics. Drawing on more than 160 years of materials science and
process engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, optical communications and
life sciences. Corning operates in five reportable segments:
Display Technologies, Optical Communications, Environmental
Technologies, Specialty Materials and Life Sciences. Corning's
products include damage-resistant cover glass for smartphones and
tablets; precision glass for advanced displays; optical fiber,
wireless technologies, and connectivity solutions for high-speed
communications networks; trusted products that accelerate drug
discovery and manufacturing; and emissions-control products for
cars, trucks, and off-road vehicles.
Media Relations
Contact:
Daniel F. Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1919323
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