DOW JONES NEWSWIRES
Eastman Chemical Co. (EMN) announced plans to refinance about $400 million of its debt, saying it plans to initiate a new debt offering to help cover a tender offer it launched Tuesday.
The company, which makes chemicals, synthetic fibers and plastics, put out an offer to buy up to $400 million of notes and debentures from various series that have a total principal amount outstanding of about $1.18 billion. The offer price will be based on the price of U.S. Treasurys at 2 p.m. EST Nov. 30.
Eastman didn't give details of the debt sale it plans to launch, saying only that it "intends to use proceeds from a future offering of debt securities, together with available cash resources, to fund" Tuesday's tender offer.
In October, Eastman said its third-quarter earnings climbed 68% as the company saw strong sales gains and lower unit costs.
Shares were up 0.9% to $80.44 in recent trading. The stock has climbed 33% this year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;
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