Corning Incorporated Raises EUR 850M Through NYSE Listed Bond Offering, Fueling Growth and Innovation

Published by
Matthew Martins
  • Corning Incorporated announces successful approval and release of new listed bond on NYSE.
  • Bond issuance comprises two tranches totaling EUR 850,000,000.
  • Funds raised will support research and development, expansion, and strategic initiatives.

Corning Incorporated announced the successful approval and release of a new listed bond on May 24, 2023. This bond will be traded on the New York Stock Exchange (NYSE) under the symbol “GLW” starting from May 25, 2023. This move marks a significant milestone for Corning as it seeks to fortify its financial position and propel its growth initiatives.

The approved bond issuance comprises two tranches with a total principal amount of EUR 850,000,000. The first tranche, totaling EUR 300,000,000, consists of Cancelled 3.875% Notes due 2026, while the second tranche amounts to EUR 550,000,000 and comprises 4.125% Notes due 2031.

Investors in the listed bond can expect annual interest payments, commencing from May 15, 2024. Corning Incorporated has strategically appointed Goldman Sachs & Co. LLC and J.P. Morgan as the lead underwriters for this bond issuance, leveraging their expertise and robust market presence.

The bond denominations for this new listed offering are set at EUR 100,000, with integral multiples of EUR 1,000 in excess thereof. This allows for a broad range of investors to participate in the bond issuance, catering to both institutional investors and individuals seeking corporate debt investment opportunities.

The objective of issuing these listed bonds is to raise substantial capital to support Corning Incorporated’s research and development endeavors, expand its production capabilities, and pursue strategic acquisitions and partnerships. Additionally, the funds generated from this bond issuance will provide the company with enhanced financial flexibility to navigate dynamic market conditions and invest in future growth opportunities.

Corning Incorporated’s decision to list the bonds on the NYSE underscores its commitment to transparent and regulated financial markets. The company underwent a rigorous listing process, ensuring compliance with specified criteria to secure approval for continued listing on the exchange.

Investors keen on obtaining further details regarding the bond issuance can refer to the prospectus supplement and prospectus dated May 9, 2023. These documents outline the terms and conditions associated with the listed bonds. Corning Incorporated remains confident in the appeal of these bonds and anticipates strong investor demand.

Matthew Martins

Published by
Matthew Martins

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