Corning Incorporated Announces Plan for Convertible Debentures Offering
CORNING, N.Y.--(BUSINESS WIRE)--Nov. 8, 2001--Corning Incorporated (NYSE:GLW - news) today announced that it has commenced a public offering of $600 million aggregate principal amount of senior unsecured convertible debentures under its existing $5 billion universal shelf registration statement.
The debentures are expected to have a 7-year maturity, due in November 2008 and are redeemable at Corning's option after November 2004. The sole bookrunning manager will be Goldman, Sachs & Co.
Net proceeds from the offering will be used for general corporate purposes, including working capital requirements, normal, ongoing capital spending, and the possible funding of future acquisitions.
This represents a new financing by Corning. This offering is made by means of a prospectus supplement to a prospectus that is part of Corning's universal shelf registration statement previously filed with the U.S. Securities and Exchange Commission and declared effective in March 2001. For a copy of the prospectus and prospectus supplement relating to this offering, contact the prospectus department of Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Telephone: (212) 902-1171.
This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Established in 1851, Corning Incorporated 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, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets.
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