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Eastman Refinances Debt

11:09 AM MST | December 1, 2010 | Vincent Valk

Eastman is issuing $500 million in new bonds in two parts, reports say. The proceeds from the debt will fund an offer to buy back up to $500 million in older debt. The buyback, which was announced last month and expires on December 8, was originally slated to be $400 million but was upped to $500 million due to heavy interest from bondholders. Moody's Investors Service (New York) is rating the new debt an investment-grade 'Baa2,' with a stable outlook. "Like many companies, Eastman is taking advantage of the low rate environment for investment grade debt to...

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