WilmerHale Advises Eastman Chemical Company on its $500 Million Registered Notes Offering and Concurrent Tender Offer

WilmerHale Advises Eastman Chemical Company on its $500 Million Registered Notes Offering and Concurrent Tender Offer

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WilmerHale represented Eastman Chemical Company (“Eastman”) in connection with its bond offering of $500 million aggregate principal amount of 5.000% Notes due 2029 (the “Notes Offering”). The Notes Offering priced on July 29, 2024 and closed on August 1, 2024. BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC acted as representatives of the underwriters for the Notes Offering.

WilmerHale also represented Eastman in connection with its concurrent cash tender offer (the “Tender Offer”) to purchase up to $250 million aggregate principal amount of its outstanding 3.800% notes due 2025 (the “Tender Notes”). The Notes Offering satisfied the financing condition for the Tender Offer. Holders of an aggregate principal amount of $276,887,000 of the Tender Notes were validly tendered and not validly withdrawn in the Tender Offer prior to or at 5:00 p.m., New York City time, on August 9, 2024. Eastman accepted for purchase an aggregate principal amount of $250,000,000 of the Tender Notes. Settlement of the Tender Offer was completed by Eastman on August 14, 2024.

The WilmerHale team advising Eastman on the offering consisted of Molly Fox, Andrew Langworthy, Rachael Joseph and Dana Bradley (Capital Markets), with assistance from Chalyse Robinson (Debt Finance) and Julie Hogan-Rodgers and Benjamin Kelsey (Tax).

 

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