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Wed, April 27, 2011
Tue, April 26, 2011
Kodak Closes on Amended and Restated Credit Agreement, Enhances Financial Flexibility
ROCHESTER, N.Y.--([ BUSINESS WIRE ])--Eastman Kodak Company (NYSE:EK) today successfully closed on a five-year Amended and Restated Credit Agreement (Amended Facility). The Amended Facility provides enhanced financial flexibility for the company as it works to complete its historic business transformation. The previous credit agreement was scheduled to expire on March 31, 2012.
"We are very pleased to have our new Amended Facility in place, with favorable terms that increase our financial flexibility"
The Amended Facility provides for revolving loans and letters of credit for up to $400 million and has a five-year term. The borrowers are Eastman Kodak Company and Kodak Canada Inc. The Amended Facility is secured by assets of the borrowers and certain of their domestic subsidiaries. Currently, there is no debt for borrowed money outstanding under the Amended Facility.
The Amended Facility contains affirmative and negative covenants customary for a facility of this nature.
aWe are very pleased to have our new Amended Facility in place, with favorable terms that increase our financial flexibility,a said Antoinette McCorvey, Kodaka™s Chief Financial Officer. aWe remain committed to completing Kodaka™s transformation into a sustainable, profitable company in 2012, and we have the financial resources necessary to achieve that goal.a
A copy of the amended credit agreement will be filed in the coming days with the U.S. Securities and Exchange Commission and will be accessible through the investor relations section of Kodaka™s website at: [ http://www.kodak.com/go/invest ].