Corning Announces Pricing for Debt Tender Offer.CORNING, N.Y. -- Second graph, second sentence should read: The accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. per $1,000 principal amount of notes will be $14.18 assuming settlement of the tender offer on May 22, 2006 (sted: 2005). Also, fourth graph, first sentence should read: The tender offer will expire at 5 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Friday, May 19, 2006, unless extended by Corning (sted: Tuesday, May 19, 2006). The corrected release reads: CORNING ANNOUNCES PRICING FOR DEBT TENDER OFFER Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) today announced the reference yield for its previously announced tender offer for any and all of its outstanding 6.30 percent notes due 2009. The principal amount of the debt outstanding is $150 million. The yield on the reference U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Note at 2:00 p.m. EDT, was 4.940 percent, resulting in a purchase price per $1,000 principal amount of notes of $1,027.73. The accrued interest per $1,000 principal amount of notes will be $14.18 assuming settlement of the tender offer on May 22, 2006. The price was determined as described in the Offer to Purchase dated May 12, 2006. It was based on a yield to maturity equal to a fixed spread of 27 basis points plus the yield on the 4 7/8 percent, U.S. Treasury Note due May 15, 2009. In addition to the purchase price, holders whose notes are purchased in the tender offer will receive accrued and unpaid interest on the principal amount tendered up to, but not including, the payment date. The tender offer will expire at 5:00 p.m. EDT on Friday, May 19, 2006, unless extended by Corning. The tender offer is not conditioned on a minimum amount of 6.30 percent notes being tendered. No tenders will be valid if submitted after the expiration time Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on . The terms and conditions of the tender offer, including the conditions of Corning's obligation to accept the notes tendered and pay the purchase price for them, are set forth in the Offer to Purchase. Corning has retained J. P. Morgan Securities Inc. to serve as the dealer manager for the tender offer and Global Bondholder Services Corp. to serve as the depositary and information agent for the tender offer. Information and assistance regarding the mechanics of the tender offer and copies of the Offer to Purchase may be obtained by calling Global Bondholder Services Corp. toll-free at 866-857-2200, or collect at 212-430-3774. Questions regarding the tender offer may be directed to J. P. Morgan Securities at 866-834-4666. This news release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The tender offer is being made only pursuant to the Offer to Purchase and only to such persons and in such jurisdictions as are permitted under applicable law. About Corning Incorporated Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time , environmental, semiconductor, and life sciences industries. Forward-Looking and Cautionary Statements This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by larger customers in the liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; acquisition and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). activities; the level of excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ; the rate of technology change; the ability to enforce patents; product and components performance issues; changes in key personnel; stock price fluctuations; and adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or regulatory developments. These and other risk factors are identified in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events. |
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