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Kodak secures $895 million in debt financing

Rochester Business Journal
June 20, 2013

Eastman Kodak Co. has secured $895 million in debt financing from three banks.

J.P. Morgan Chase & Co., Barclays PLC and Bank of America Corp. have reached an agreement with Kodak for senior secured term loans of up to $695 million. The banks also will arrange up to $200 million in a senior secured asset-based revolving credit facility, Kodak announced Thursday. The banks already have committed to $130 million.

Kodak said it will use the money to repay loans and finance its exit from bankruptcy and supply capital afterwards.

The announcement comes after Kodak on Wednesday revealed plans for a $406 million rights offering, which it plans to use to fund distributions under its revised reorganization plan.

The company said the combination of financing and rights offering will provide the company with a strong, stable capital structure.

All of the agreements are subject to approval in U.S. Bankruptcy Court.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

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