Kodak is making the Tender Offer at this time in light of recently improved conditions in the debt markets that may allow the company to extend the maturity of its existing debt, thereby further improving its capital structure.
Upon the terms and subject to the conditions described in the Tender Offer, including any amendments or supplements thereto, Kodak offers to purchase for cash up to $100 million in aggregate principal amount (the “Maximum Tender Amount”) of its 2013 Notes. Kodak reserves the right to increase the Maximum Tender Amount subject to compliance with applicable law.
The Tender Offer will expire at 9:00 a.m., New York City time, on March 4, 2010, unless extended or earlier terminated (the “Expiration Date”).
Kodak’s obligation to accept for payment and to pay for the 2013 Notes in the Tender Offer is subject to the satisfaction or waiver of a number of conditions, including the raising of not less than $100 million of second lien debt on terms reasonably satisfactory to it in order to finance the Tender Offer. The Tender Offer is subject to other customary conditions that are described more fully in the Offer to Purchase. The Tender Offer is not contingent upon the tender of any minimum principal amount of 2013 Notes. Kodak reserves the right to waive any one or more of the conditions at any time.
The consideration for each $1,000 principal amount of 2013 Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Tender Offer will be the consideration set forth in the table above under “Tender Offer Consideration.” Holders of 2013 Notes that are validly tendered at or prior to the Early Tender Date and accepted for purchase will receive the Tender Offer Consideration plus the amount set forth in the table above under “Early Tender Premium.” Holders of 2013 Notes tendered after the Early Tender Date, but before the Expiration Date, and accepted for purchase will receive the Tender Offer Consideration, but not the Early Tender Premium.
The “Settlement Date” will occur promptly after the company accepts the 2013 Notes for purchase (the “Acceptance Date”). Kodak anticipates that the Settlement Date will occur on the same business day as the Acceptance Date.
Payments for 2013 Notes purchased will include accrued and unpaid interest from and including the last interest payment date up to, but not including, the Settlement Date.
If the aggregate principal amount of 2013 Notes validly tendered exceeds the Maximum Tender Amount, the amount of 2013 Notes purchased will be prorated based on the aggregate principal amount of 2013 Notes tendered, rounded down to the nearest integral multiple of $1,000.
Tenders of the 2013 Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on February 11, 2010, but may not be withdrawn thereafter.
Kodak has retained Citi to serve as dealer manager for the Tender Offer. The Bank of New York Mellon has been retained to serve as the depositary, and Georgeson, Inc. has been retained to serve as the information agent.
For additional information regarding the terms of the Tender Offer, please contact Citi at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Requests for documents and questions regarding the tender of 2013 Notes may be directed to Georgeson, Inc. at (800) 248-7605 (toll free) or (212) 440-9800 (collect).
The Offer to Purchase and the related Letter of Transmittal are expected to be distributed to holders beginning today. Copies of the Offer to Purchase and the Letter of Transmittal may also be obtained at no charge from Georgeson, Inc.
Kodak, its board of directors, the depositary, the information agent, the dealer manager and the trustee with respect to the 2013 Notes are not making any recommendation as to whether holders of the 2013 Notes should tender or refrain from tendering all or any portion of the principal amount of the 2013 Notes.
This announcement does not constitute an offer to buy or the solicitation of an offer to sell securities. The Tender Offer is being made solely by means of the Offer to Purchase and the related Letter of Transmittal. In those jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Kodak by the dealer manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.