Business News
Kodak Closes on Amended and Restated Credit Agreement, Enhances Financial Flexibility
Friday 29. April 2011 - Amended, Five-Year Facility Provides a Credit Line of Up to $400 Million
Eastman Kodak Company (NYSE:EK) today successfully closed on a five-year Amended and Restated Credit Agreement (Amended Facility). The Amended Facility provides enhanced financial flexibility for the company as it works to complete its historic business transformation. The previous credit agreement was scheduled to expire on March 31, 2012.
The Amended Facility provides for revolving loans and letters of credit for up to $400 million and has a five-year term. The borrowers are Eastman Kodak Company and Kodak Canada Inc. The Amended Facility is secured by assets of the borrowers and certain of their domestic subsidiaries. Currently, there is no debt for borrowed money outstanding under the Amended Facility.
The Amended Facility contains affirmative and negative covenants customary for a facility of this nature.
“We are very pleased to have our new Amended Facility in place, with favorable terms that increase our financial flexibility,” said Antoinette McCorvey, Kodaks Chief Financial Officer. “We remain committed to completing Kodaks transformation into a sustainable, profitable company in 2012, and we have the financial resources necessary to achieve that goal.”