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Thursday, June 20, 2013
Kodak, Major Financial Institutions Agree to Arrange Exit Financing Package

Kodak has reached agreements with leading financial institutions J.P. Morgan, Bank of America Merrill Lynch, and Barclays to arrange new post-emergence credit facilities of up to $895 million.

Affiliates of J.P. Morgan, Barclays and Bank of America Merrill Lynch will serve as Joint Lead Arrangers for senior secured term loans of up to $695 million. In addition to this term financing, affiliates of Bank of America Merrill Lynch, Barclays and J.P. Morgan will act as Joint Lead Arrangers for a new senior secured asset-based revolving credit facility of up to $200 million, and have committed to provide $130 million of this facility, subject to the satisfaction of certain conditions.

This financing package will enable Kodak to repay its secured creditors under the current senior and junior Debtor-in-Possession loan facilities, finance its exit from Chapter 11, and meet the company's post-emergence working capital and liquidity needs.

The financing agreements are subject to conditions, including, among others, approval by the Bankruptcy Court, completion of definitive financing documentation, and a successful syndication in the loan markets.

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