Corning Incorporated commenced a tender offer on 12 May 2006 for its outstanding 6.30% notes due 2009. The principal amount of the notes outstanding is US$150M. James B. Flaws, vice chairman & chief financial officer said, "We successfully completed our balance sheet restructuring program in 2005, reducing debt to under US$2BN & returning to investment grade ratings with all key rating agencies. Going forward, the market can expect us to take actions similar to this tender in an effort to minimize near-term maturities & opportunistically extend the duration of our debt portfolio." The offer is scheduled to close at 5:00 p.m. Eastern Daily Time (EDT) on 19 May 2006. Customary conditions apply to Corning's obligation to purchase, although the tendering of a minimum amount of 6.30% notes is not a requirement. The price for each US$ 1,000 principal amount of notes tendered & accepted for payment will be set at 2:00 p.m. EDT on 18 May 2006, and be based on a yield to maturity equal to a fixed spread of 27 basis points plus the yield on the 4 7/8%, US Treasury Note due 15 May 2009. Holders whose notes are purchased in the tender offer will also receive accrued and unpaid interest on the principal amount of notes purchased. Settlement of the tender offer is expected on 22 May 2006. J. P. Morgan Securities Inc. is the dealer manager for the tender offer and Global Bondholder Services Corp. is the depositary and information agent for the tender offer.
