Kodak Announces Private Placement of $200 Million Senior Secured Notes

Eastman Kodak Company EK today announced its intention to offer, subject to market and other conditions, $200 million aggregate principal amount of senior secured notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act.

Kodak's obligations under the notes will be fully and unconditionally guaranteed on a senior secured basis by each of Kodak's existing and future direct or indirect wholly-owned domestic subsidiaries, subject to certain exceptions, and will be secured by a second-priority lien on substantially all domestic assets of Kodak and the guarantors, subject to certain exceptions. Final terms of the notes, including the interest rate and other terms, will be determined by negotiations between Kodak and the initial purchasers of the notes.

Kodak intends to use the net proceeds from the offering for general corporate purposes.