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    Tuesday, August 06, 2013

    Kodak Completes Syndication of $200 Million Asset Based Revolving Credit Facility

    About Kodak

    Media Contacts

    • Christopher Veronda
      Eastman Kodak Company
      christopher.veronda@kodak.com
      +1 585-724-2622

    ROCHESTER, N.Y., August 06 -- 

    Kodak today finalized the syndication and allocation of a new five-year senior secured asset-based revolving credit facility of $200 million. Together, this facility and the$695 million exit and post-emergence term-loan credit facilities announced on August 1 provide the company with up to $895 million in exit financing with substantially improved terms from its previously arranged lending agreements. The facilities will help to provide the company with liquidity to finance its operations after emergence.

    Affiliates of Bank of America Merrill Lynch, Barclays and J.P. Morgan served as joint lead arrangers for this revolving credit facility.

    “The completion of our emergence financing, combined with the rights offering currently under way, will provide Kodak a capital structure that supports the operation and growth of our new company,” said Antonio M. Perez, Chairman and Chief Executive Officer. “With the approval of the Court, we will emerge as a company with a strong balance sheet and the wherewithal to continue to do our work of serving customers with disruptive technologies and breakthrough solutions.”

    Credit agreements for the previously announced term loans and this asset-based credit facility will be filed tomorrow, August 7, with the U.S. Bankruptcy Court for the Southern District of New York. The credit facilities are expected to close upon Kodak’s emergence from Chapter 11, subject to certain customary conditions.

    OTHER INFORMATION

    This press release is not, and shall not be, considered to be a solicitation of votes on a Chapter 11 plan of reorganization.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

    #

    CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This document includes "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company's plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, financing needs, business trends, and other information that is not historical information. When used in this document, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts, " "forecasts," or future or conditional verbs, such as "will," "should," "could," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management's examination of historical operating trends and data are based upon the Company's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks and uncertainties described in more detail in this report on Form 10-Q for the quarter ended March 30, 2013 under the headings "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources" and those described in filings made by the Company with the U.S. Bankruptcy Court for the Southern District of New York and in other filings the Company makes with the SEC from time to time, as well as the following: the Company’s ability to successfully emerge from Chapter 11 as a profitable sustainable company; the ability of the Company and its subsidiaries to secure approval of and consummate one or more plans of reorganization with respect to the Chapter 11 cases; the Company’s ability to improve its operating structure, financial results and profitability; the ability of the Company to achieve cash forecasts, financial projections, and projected growth; our ability to raise sufficient proceeds from the sale of businesses and non-core assets; the businesses the Company expects to emerge from Chapter 11; the ability of the Company to discontinue certain businesses or operations; the ability of the Company to continue as a going concern; the Company’s ability to comply with the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) covenants in its debtor-in-possession credit agreements; our ability to obtain additional financing; the potential adverse effects of the Chapter 11 proceedings on the Company's liquidity, results of operations, brand or business prospects; the outcome of our intellectual property patent litigation matters; the Company's ability to generate or raise cash and maintain a cash balance sufficient to comply with the minimum liquidity covenants in its debtor-in-possession credit agreements and to fund continued investments, capital needs, restructuring payments and service its debt; our ability to fairly resolve legacy liabilities; the resolution of claims against the Company; our ability to retain key executives, managers and employees; our ability to maintain product reliability and quality and growth in relevant markets; our ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; and the impact of the global economic environment on the Company. There may be other factors that may cause the Company's actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included in this document. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
    2013