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Tuesday, November 13, 2012
Kodak To Borrow $793 Million


Struggling Eastman Kodak Company said Monday that it has reached an agreement to borrow $793 million, an important step in letting it leave bankruptcy protection in the first half of next year.

The company has entered into a commitment letter to secure $793 million in Junior Debtor-in-Possession Financing with Centerbridge Partners, L.P., GSO Capital Partners LP, UBS and JPMorgan Chase & Co. This financing is a key element in the steps to enable the company to successfully execute its remaining reorganization objectives and emerge from Chapter 11 in the first half of 2013.

"The additional liquidity from this financing will enable Kodak to accelerate its momentum as we continue to successfully execute on our reorganization objectives and emerge in the first half of 2013. After receiving significant interest from potential lenders, we reached agreement with Centerbridge Partners, GSO Capital Partners, UBS and JPMorgan, all of whom have proven track records in lending to companies that successfully reorganize," said Antonio M. Perez, Chairman and Chief Executive Officer.

The financing is composed of new term loans of $476 million, as well as term loans of $317 million issued in a dollar-for-dollar exchange for amounts outstanding under the company's pre-petition second lien notes. The financing is predicated on certain conditions and Kodak's achievement of certain milestones, including the successful completion of the sale of Kodak's digital imaging patent portfolio for no less than $500 million, which the company is confident it will achieve.

The commitment letter also contains provisions allowing for the conversion of up to $567 million of the loans into exit financing provided that Kodak meets certain conditions including the consummation of a Plan of Reorganization by September 30, 2013, the resolution of all of Kodak's UK pension obligations and the completion of all or a portion of the sales of Kodak's Document Imaging and Personalized Imaging businesses.

The financing is subject to completion of definitive financing documentation and Bankruptcy Court approval at a hearing in December which will be scheduled in the near future.


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