Zeev, could you give me a quick read as to what the ramifications of this are?
thanks,
JXM
biz.yahoo.com
Corning Incorporated Confirms Plan for Convertible Debt and Common
Stock Offerings
CORNING, N.Y.--(BUSINESS WIRE)--Oct. 18, 2000--Corning Incorporated (NYSE:GLW - news) today confirmed that it plans to commence a dual
tranche offering of convertible debt and common stock. The company will offer 30 million shares of newly issued common stock, and will raise approximately
$1.2 billion in gross proceeds through an offering of zero-coupon convertible debentures. The public offerings are being lead managed by Goldman, Sachs &
Co.
The net proceeds from the dual tranche offering will be used to pay for the previously announced acquisition of Pirelli S.p.A's 90% interest in Optical
Technologies USA, its optical components and devices business, and for general corporate purposes. The acquisition is expected to close during the fourth
quarter of 2000.
For a copy of the prospectus relating to these offerings, contact the syndicate department of Goldman, Sachs & Co.
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy.
Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for
television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and
environmental markets. Corning's revenues in 1999 were $4.7 billion. |
