0001193125-12-461977.txt : 20121109 0001193125-12-461977.hdr.sgml : 20121109 20121109090633 ACCESSION NUMBER: 0001193125-12-461977 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20121108 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121109 DATE AS OF CHANGE: 20121109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNING INC /NY CENTRAL INDEX KEY: 0000024741 STANDARD INDUSTRIAL CLASSIFICATION: DRAWING AND INSULATING NONFERROUS WIRE [3357] IRS NUMBER: 160393470 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03247 FILM NUMBER: 121191861 BUSINESS ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 BUSINESS PHONE: 6079749000 MAIL ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 FORMER COMPANY: FORMER CONFORMED NAME: CORNING GLASS WORKS DATE OF NAME CHANGE: 19890512 8-K 1 d436075d8k.htm FOMR 8-K Fomr 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 8, 2012

 

 

Corning Incorporated

(Exact name of registrant as specified in its charter)

 

 

 

New York   1-3247   16-0393470

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

One Riverfront Plaza, Corning, New York   14831
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: 607-974-9000

Not Applicable

Former name or former address, if changed since last report

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01 Other Events.

On November 8, 2012, Corning Incorporated (the “Company”) issued a press release announcing the actual total consideration and tender consideration for its previously announced tender offer for up to $75 million of its outstanding debentures (the “Tender Offer”). On November 9, 2012, the Company issued a press release announcing the results of the Tender Offer as of the early tender date of 5:00 p.m., New York City time, on November 8, 2012. Such press releases are filed as exhibits 99.1 and 99.2 to this Form 8-K.

The information contained in this report shall not constitute a tender offer to purchase or a solicitation of acceptance of a tender offer.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

99.1    Press Release dated November 8, 2012, issued by the Company to announce the actual consideration for the Tender Offer.
99.2    Press Release dated November 9, 2012, issued by the Company to announce the results of the Tender Offer as of the early tender date.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Corning Incorporated
November 9, 2012     By:  

/s/ DENISE A. HAUSELT

      Name: DENISE A. HAUSELT
      Title: Vice President, Secretary and Assistant General
      Counsel
EX-99.1 2 d436075dex991.htm PRESS RELEASE DATED NOVEMBER 8, 2012 Press Release dated November 8, 2012

Exhibit 99.1

 

LOGO   

Corning Incorporated

www.corning.com

  

News Release

FOR RELEASE –– NOVEMBER 8, 2012

Corning Announces Total Consideration

for Cash Tender Offer

CORNING, N.Y. — Corning Incorporated (NYSE:GLW) announced today the reference yield and total consideration for each series of debentures subject to its previously announced cash tender offer. The reference yields were determined at 2 p.m., New York City time today, Nov. 8, 2012. The total consideration for each series of debentures is based on the applicable reference yield plus a fixed spread, in each case as set forth in the table below, and is payable to holders of debentures subject to the tender offer who validly tender and do not validly withdraw their debentures before the Early Tender Date, which is 5 p.m., New York City time, today, unless extended. The total consideration also includes the Early Tender Premium set forth in the table below. All payments for debentures purchased in the tender offer will also include accrued and unpaid interest on the principal amount tendered up to, but not including, the tender offer settlement date, which is currently expected to be Tuesday, Nov. 27, 2012.

 

Title of Security

  Acceptance
Priority
Level
  Reference U.S.
Treasury
Security
  Reference
Yield
    Fixed
Spread
(basis
points)
  Tender
Consideration
per $1,000
Principal
Amount of
Debentures
    Early
Tender
Premium(1)
    Total
Consideration
per $1,000
Principal
Amount  of
Debentures(2)
 

8.875% Debentures due August 15, 2021

  1   1.625% due
August 15, 2022
    1.592   140 bps   $ 1,418.37      $ 30      $ 1,448.37   

8.875% Debentures due March 15, 2016

  2   0.75% due
October 31, 2017
    0.643   37.5 bps   $ 1,224.31      $ 30      $ 1,254.31   

6.75% Debentures due September 15, 2013

  3   0.75% due
September 15, 2013
    0.170   0 bps   $ 1,022.58      $ 30      $ 1,052.58   

 

(1) Per $1,000 principal amount of debentures accepted for purchase. An Early Tender Premium will be paid to holders of debentures who tender, and do not validly withdraw, their debentures on or before 5 p.m., New York City time, on Nov. 8, 2012, unless extended.
(2) Total consideration per $1,000 principal amount of debentures includes the Early Tender Premium of $30 per $1,000 principal amount of debentures.

Tendered debentures will be accepted in the order of the Acceptance Priority Levels set forth in the table above, up to an aggregate principal amount of $75,000,000. Under certain circumstances, the Company will accept tendered debentures of one or more of the series on a pro rata basis as further described in the Offer to Purchase, dated Oct. 26, 2012.

Holders of debentures subject to the tender offer must validly tender and not validly withdraw their debentures before the Early Tender Date, which is 5 p.m., New York City time, today, unless extended, to be eligible to receive the total consideration, which includes an Early Tender Premium of $30 per $1,000 principal amount of debentures tendered by such holders that are accepted for purchase. Holders of debentures subject to the tender offer who validly


tender their debentures after the Early Tender Date will receive the tender consideration, which is the total consideration minus $30 per $1,000 principal amount of debentures tendered by such holders that are accepted for purchase. Holders of debentures subject to the tender offer who tender their debentures before the Early Tender Date may not withdraw their debentures after the Early Tender Date, unless provided by Corning or required by law. Holders of debentures subject to the tender offer who tender their debentures after the early tender date may not withdraw their debentures, unless provided by Corning or required by law.

The terms and conditions of the tender offer, including the conditions of Corning’s obligation to accept the debentures tendered and to pay the total consideration or the tender offer consideration, as applicable, plus accrued and unpaid interest, are set forth in the Offer to Purchase and the related Letter of Transmittal. The tender offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase. The condition that Corning consummate financing arrangements prior to the expiration date as described in the Offer to Purchase has been satisfied by Corning’s completion of its previously announced note offering.

Corning has retained J.P. Morgan Securities LLC to serve as Dealer Manager for the tender offer and has retained D.F. King & Co., Inc. to serve as information agent and tender agent for the tender offer. The Colbent Corporation is the Certificated Notes Depositary for debentures tendered by physical delivery.

Requests for documents relating to the tender offer may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 or (800) 967-4607 or in writing at 48 Wall St., 22nd Floor, New York, NY 10005. Questions regarding the tender offer may be directed to J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4811 (collect).

This press release is not a tender offer to purchase or a solicitation of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase. In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of Corning Incorporated by J.P Morgan Securities LLC, or one or more registered brokers or dealers under the laws of such jurisdiction.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.


About Corning Incorporated

Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.

 

Media Relations Contact:    Investor Relations Contact:
M. Elizabeth Dann    Ann H. S. Nicholson
(607) 974-4989    (607) 974-6716
dannme@corning.com    nicholsoas@corning.com

###

EX-99.2 3 d436075dex992.htm PRESS RELASE DATED NOVEMBER 9, 2012 Press Relase dated November 9, 2012

Exhibit 99.2

 

LOGO      Corning Incorporated
     www.corning.com

News Release

FOR RELEASE –– NOVEMBER 9, 2012

Corning Announces Results to Date

of Cash Tender Offer

CORNING, N.Y. — Corning Incorporated (NYSE:GLW) announced today that, pursuant to its previously announced cash tender offer, $74,681,000 million in aggregate principal amount of debentures subject to the cash tender offer were validly tendered and not validly withdrawn before 5 p.m. New York City time on Thursday, Nov. 8, 2012, the Early Tender Date for the tender offer, according to information provided by D.F. King & Co., the depositary for the tender offer, as more fully set forth below.

 

Title of Security

   Acceptance
Priority
Level
   Aggregate Principal
Amount
Outstanding
     Principal Amount
Tendered
     Approximate
Percentage of
Outstanding
Amount Tendered
 

8.875% Debentures due August 15, 2021

   1    $ 75,000,000       $ 13,095,000         17.46

8.875% Debentures due March 15, 2016

   2    $ 75,000,000       $ 10,729,000         14.31

6.75% Debentures due September 15, 2013

   3    $ 100,000,000       $ 50,857,000         50.86
     

 

 

    

 

 

    

Aggregate Total Tender Offer Securities(1)

      $ 250,000,000       $ 74,681,000         29.87

 

(1) The maximum aggregate principal amount of debentures that will be purchased by Corning is $75,000,000.

Corning will accept for payment only $75.0 million aggregate principal amount of debentures. Tendered debentures will be accepted in the order of the Acceptance Priority Levels set forth in the table above. Validly tendered debentures remain subject to proration according to the terms set forth in the Offer to Purchase, dated Oct. 26, 2012.

Holders of debentures subject to the tender offer who validly tendered and did not validly withdraw their debentures before the Early Tender Date are eligible to receive the total consideration, which includes an Early Tender Premium of $30 per $1,000 principal amount of debentures tendered by such holders that are accepted for purchase. Holders of debentures subject to the tender offer who validly tender their debentures after the Early Tender Date will receive the tender consideration, which is the total consideration minus $30 per $1,000 principal amount of debentures tendered by such holders that are accepted for purchase. In addition to the total consideration or the tender consideration, as applicable, accrued interest up to, but not including, the settlement date will be paid in cash on all validly tendered notes accepted in the tender offer. The settlement will follow promptly after the expiration date and currently is expected to be Tuesday, Nov. 27, 2012. Debentures tendered pursuant to the tender offer may no longer be withdrawn, unless otherwise required by law.

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on Nov. 26, 2012, unless extended. The terms and conditions of the tender offer, including the conditions of Corning’s obligation to accept the debentures tendered and to pay the total consideration or


the tender offer consideration, as applicable, plus accrued and unpaid interest, are set forth in the Offer to Purchase dated Oct. 26, 2012 and the related Letter of Transmittal. The tender offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase. The condition that Corning consummate financing arrangements prior to the expiration date as described in the Offer to Purchase has been satisfied by Corning’s completion of its previously announced note offering.

Corning has retained J.P. Morgan Securities LLC to serve as Dealer Manager for the tender offer and has retained D.F. King & Co., Inc. to serve as information agent and tender agent for the tender offer. The Colbent Corporation is the Certificated Notes Depositary for debentures tendered by physical delivery.

Requests for documents relating to the tender offer may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 or (800) 967-4607 or in writing at 48 Wall St., 22nd Floor, New York, NY 10005. Questions regarding the tender offer may be directed to J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4811 (collect).

This press release is not a tender offer to purchase or a solicitation of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase. In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of Corning Incorporated by J.P Morgan Securities LLC, or one or more registered brokers or dealers under the laws of such jurisdiction.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

About Corning Incorporated Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.


Media Relations Contact:    Investor Relations Contact:
M. Elizabeth Dann    Ann H. S. Nicholson
(607) 974-4989    (607) 974-6716
dannme@corning.com    nicholsoas@corning.com

###

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