Private Placement Eastman Kodak $200 Million In Notes
Private Placement – Eastman Kodak To Offer $200 Million In Notes Through Private Placement
Eastman Kodak Co. (EK) said it plans to offer $200 million in senior secured notes through a private placement to fund its operations.
The company said it will determine rates and other terms for the loans after negotiations with the purchasers. The notes will be secured by a second-priority lien on substantially all of the company’s domestic assets.
Kodak has struggled with the decline of traditional film sales, and it hasn’t gained much traction in efforts to recast itself as a digital imaging powerhouse. Since 2004, it has only posted a full-year profit once.
The company’s woes continued last month after it disclosed in a federal filing that it actually posted a large fourth-quarter loss instead of a small profit, due to a $626 million goodwill write-down related to its film, photo-finishing and entertainment group.
Shares closed Tuesday at $3.18 and were inactive premarket. The stock has tumbled 47% over the past 12 months.
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