Eastman Chemical Company (NYSE: EMN) today announced the pricing of its public offering of $500 million aggregate principal amount of 5.000% notes due 2029 (the “Notes”). BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Morgan Stanley & Co. LLC are the active joint book-running managers for the offering. Barclays Capital Inc., BNP Paribas Securities Corp., Truist Securities, Inc., and Wells Fargo Securities, LLC are the passive joint book-running managers. The offering of the Notes is expected to close on August 1, 2024, subject to customary closing conditions.
Eastman plans to use part of the net proceeds from the sale of the Notes to complete the previously announced cash tender offer (the “Tender Offer”) to purchase up to $250 million aggregate principal amount of its outstanding 3.800% Notes due 2025 and to cover any related fees and expenses. The Tender Offer will expire on August 26, 2024, unless extended or terminated earlier by Eastman. Any remaining proceeds will be used for general corporate purposes, including working capital, capital expenditures, repayment of other debt, and other strategic initiatives.
The offering is being made under an automatic shelf registration statement on Form S-3 (Registration No. 333-280083) filed by Eastman with the Securities and Exchange Commission (SEC) on June 10, 2024. The offering is conducted only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and an issuer free writing prospectus have been filed, and a prospectus supplement relating to the offering of the Notes will be filed with the SEC. Prospective investors should read these documents and other filings by Eastman with the SEC for more complete information about Eastman and the offering. These documents are available free of charge by visiting EDGAR. Alternatively, the prospectus and prospectus supplement may be obtained by contacting:
- BofA Securities, Inc. at 1-800-294-1322
- Citigroup Global Markets Inc. at 1-800-831-9146
- J.P. Morgan Securities LLC at 1-212-834-4533
- Mizuho Securities USA LLC at 1-866-271-7403
- Morgan Stanley & Co. LLC at 1-866-718-1649
This communication does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any offer, solicitation, or sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering of these securities will be made only by means of the applicable prospectus supplement and the related prospectus. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein, or the applicable free writing prospectus or prospectus supplement.
Founded in 1920, Eastman is a global specialty materials company producing a broad range of products found in everyday items. Eastman collaborates with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Eastman’s innovation-driven growth model leverages world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. Eastman employs approximately 14,000 people worldwide and serves customers in over 100 countries. Eastman reported 2023 revenue of approximately $9.2 billion and is headquartered in Kingsport, Tennessee, USA.
