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Kodak completes syndication of $695 million in loans

Rochester Business Journal
August 1, 2013

Eastman Kodak Co. said Thursday it has completed the syndication of its previously announced $695 million exit and post-emergence term-loan credit facilities.

The facilities, along with the proceeds from the previously announced rights offering, cash on hand and other financing transactions, will enable Kodak at emergence from Chapter 11 bankruptcy to fund its plan of reorganization, and repay its secured creditors under its existing debtor-in-possession loan facilities and second lien notes, the company said.

The credit facilities are comprised of a $420 million, six-year first lien term loan, and a $275 million, seven-year second lien term loan.

The new loans carry more favorable pricing and other terms than the existing rollover exit financing commitment, the company said. Kodak expects the new loans to result in interest savings of at least $25 million within the first 12 months.

The credit facilities are expected to close upon Kodak’s emergence from Chapter 11.

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


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