The aggregate principal amount of 2033 Notes validly tendered and not withdrawn, (“Tendered Notes”), was approximately $563.5 million, which represented approximately 98 percent of the outstanding aggregate principal amount of the 2033 Notes. Kodak has accepted for purchase all of the Tendered Notes. Payment of the Tendered Notes will be made promptly. Holders of the Tendered Notes will receive $1,000 for each $1,000 principal amount for each note plus any accrued and unpaid interest up to but not including the date of purchase.
Pursuant to the indenture for the 2033 Notes, holders of 2033 Notes can require Kodak to purchase the notes on October 15, 2010, and at certain dates thereafter, subject to terms and conditions contained in the indenture. In addition, Kodak has the right to call the outstanding 2033 Notes on or after October 15, 2010. Kodak had placed $575 million in a restricted account solely for the purpose of purchasing the 2033 Notes. The remaining balance in this account after purchasing Tendered Notes, and available for the settlement of the remaining outstanding 2033 Notes, will be approximately $11.5 million.
Kodak funded the purchase of the 2033 Notes with the proceeds of its completed sale of senior secured notes and a private placement of its convertible notes.