Corning Announces Cash Tender Offer For Up To $75 Million Aggregate Principal Amount Of Its Outstanding Debt Securities And Redemption Of Two Series Of Outstanding Debt Securities

Corning Incorporated (NYSE:GLW) announced today that it has commenced a cash tender offer for up to $75 million aggregate principal amount of specified series of its outstanding debt. The terms and conditions of the tender offer are set forth in an Offer to Purchase dated today. The Company will also redeem $174 million in outstanding debentures.

In the tender offer, the Company is offering to purchase, under certain conditions and subject to certain limits, its 8.875% Debentures due 2021, 8.875% Debentures due 2016 and 6.75% Debentures due 2013 (collectively, the “debentures”), as summarized in the table below:
Title of Security   CUSIP   Principal Amount Outstanding   Acceptance Priority Level  

Reference U.S. Treasury Security
  Bloomberg Reference Page   Fixed Spread (basis points)  

Early Tender Premium (1)

8.875% Debentures dueAugust 15, 2021
219350AC9 $ 75,000,000 1

1.625% dueAugust 15,2022
PX1 140 bps $30

8.875% Debentures dueMarch 15, 2016
219327AE3 $ 75,000,000 2

0.75% dueOctober 31,2017

37.5 bps

6.75% Debentures dueSeptember 15, 2013
219350AE5 $100,000,000 3

0.75% dueSeptember 15,2013
PX3 0 bps $30
(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 5:00 p.m., New York City time, on November 8, 2012, unless extended.

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. The Company reserves the right, but is not obligated, to increase the maximum aggregate principal amount of the tender offer.

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