Corning Incorporated has announced that it has entered into a new five-year, $975 million unsecured multi-currency revolving credit facility. The new credit facility replaces Corning's existing $2 billion revolving credit facility, which had been scheduled to mature in August 2005.
"We are very pleased with the outcome of the syndication effort," said James B. Flaws, vice chairman and chief financial officer. "This renewal completes an important step in our plan to return to investment grade this year. It augments our strong cash position by providing access to additional committed liquidity on attractive terms and conditions with a very strong bank group," he added.
Citigroup Global Markets, Inc. and J.P. Morgan Securities Inc. served as joint lead arrangers and book managers in the syndication of the credit facility. In addition, Bank of America, N.A., The Bank of Tokyo-Mitsubishi, Ltd., Barclays Bank plc, Deutsche Bank Securities Inc. and Wachovia Bank, National Association served as co-documentation agents.