Eastman Kodak To Raise Capital Through Senior Secured Notes

Fri, 18 Sep 2009 19:09:25 +0000

Eastman Kodak Co. (best known for its imaging and photographic materials and equipment) announced yesterday that it intends to raise up to US$700M through the sale of senior secured notes due in 2017. Private equity fund KKR & Co. has already committed to purchase US$400M of the debt offering.

However, Eastman Kodak’s stock price plummeted 11.23% to US$5.93 at the close of trade yesterday. Before KKR & Co.’s offer, investors were concerned about Eastman Kodak’s ability to fund the buyback without depleting cash revenues, however concerns now focus on the dilution of shareholder’s equity.

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Eastman Kodak To Raise Capital Through Senior Secured Notes