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Kodak Completes Syndication of $200MM Asset-Based Facility

August 07, 2013, 08:02 AM
Filed Under: Technology

Kodak finalized the syndication and allocation of a new five-year senior secured asset-based revolving credit facility of $200 million. Together, this facility and the $695 million exit and post-emergence term-loan credit facilities announced on August 1 provide the company with up to $895 million in exit financing with substantially improved terms from its previously arranged lending agreements. The facilities will help to provide the company with liquidity to finance its operations after emergence.

Affiliates of Bank of America Merrill Lynch, Barclays and J.P. Morgan served as joint lead arrangers for this revolving credit facility.

“The completion of our emergence financing, combined with the rights offering currently under way, will provide Kodak a capital structure that supports the operation and growth of our new company,” said Antonio M. Perez, Chairman and Chief Executive Officer. “With the approval of the Court, we will emerge as a company with a strong balance sheet and the wherewithal to continue to do our work of serving customers with disruptive technologies and breakthrough solutions.”

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