Corning Prices $100 Million of Senior Unsecured Notes
CORNING, N.Y. --(Business Wire)-- June 16, 2005 -- Corning Incorporated (NYSE:GLW) today announced that it has priced $100 million aggregate principal amount of senior unsecured notes at 6.05 percent. The senior notes will mature on June 15, 2015 and are being issued pursuant to Corning's existing $5 billion universal shelf registration statement. Subject to customary closing conditions the transaction is expected to close on June 21, 2005. Net proceeds of the offering will be used to reduce debt costs and for general corporate purposes.
The company said that this new issue will replace the 7 percent debentures due in 2007 that were redeemed on June 13, 2005. "This new capital will enable us to reduce our interest expense and extend the duration of our debt portfolio," said James B. Flaws, vice chairman and chief financial officer. "We had a goal to drive our debt below $2 billion this year, and this transaction will not preclude us from meeting that objective," he said.
Citigroup Global Markets Inc. served as underwriter for the offering. A written prospectus meeting the requirements of Section 10 of the Securities Act may be obtained by contacting Citigroup Global Markets Inc. at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, 718-765-6732.
This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display, environmental, semiconductor, and life sciences industries.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending by larger customers in the liquid crystal display industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; 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; changes in key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are identified 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.