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Corning Prices $350 Million of Senior Unsecured Notes

Post Time:May 08,2009Classify:Company NewsView:299

Corning Incorporated (NYSE:GLW) announced today that it has priced $250 million aggregate principal amount of senior unsecured notes at a coupon of 6.625%. The notes will mature on May 15, 2019. Additionally, the company has priced $100 million aggregate principal amount of senior unsecured notes at a coupon of 7.000%, which will mature on May 15, 2024. Subject to customary closing conditions, the transactions are expected to close on May 12, 2009. Net proceeds of the offering will be used for general corporate purposes.

"We are delighted that the financial markets have improved and allowed us to issue new debt at favorable interest rates. The rate on the new debt is similar to rates on existing debt that Corning will be repaying over the next few years,” said James B. Flaws, vice chairman and chief financial officer.

Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. served as joint book-running managers and underwriters for the offering. The offering of the notes is being made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311 or by calling toll-free at (800) 503-4611; or J.P. Morgan Securities Inc., 270 Park Avenue, 8th Floor, New York, NY 10017, Attn: Investment Grade Syndicate Desk, (212) 834-4533. An electronic copy of the prospectus supplement and the accompanying prospectus will also be available on the website of the Securities and Exchange Commission at

The offering is being made pursuant to an effective automatic shelf registration statement filed with the Securities and Exchange Commission on December 1, 2008.

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.

Source: Corning IncorporatedAuthor: shangyi

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