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Eastman announces tender offer expire, $103.1M of notes were tendered

From staff reports • Nov 7, 2018 at 2:49 PM

KINGSPORT — Eastman announced Tuesday that its cash tender offer for any and all of its 5.500 percent notes due 2019 expired Monday.

According to information provided by D.F. King & Co. Inc., the information and tender agent for the tender offer, $103.1 million aggregate principal amount of the notes were validly tendered.

The financial move was needed, Eastman previously said, to restructure debt.

Eastman expected to pay for the notes tendered through The Depository Trust Company’s Automated Tender Offer Program on Tuesday and for the notes tendered pursuant to the guaranteed delivery procedures on Thursday.

Holders of the notes that validly tendered and did not validly withdraw their notes, as applicable, will receive total consideration of $1,024.48 for each $1,000 principal amount of notes tendered and accepted, Eastman reported.

Eastman plans to fund the purchase of the notes with part of the proceeds from the issuance of its 3.500 percent notes due 2021 and its 4.500 percent notes due 2028, which was expected to be completed on Tuesday.

Eastman retained J.P. Morgan Securities LLC to act as exclusive Dealer Manager. For additional information regarding the terms of the tender offer, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect). Copies of the offer documents are available via the tender offer website at www.dfking.com/EMN and requests for documents and questions regarding the tendering of notes may be directed to D.F. King & Co. Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 967-5074 (for all others toll-free) or by email at [email protected] or to the dealer manager at its telephone numbers.

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