Corning Completes $226M Debt Repurchase

Corning Incorporated (NYSE: GLW) has completed its $226M debt repurchase, largely consistent with the $225M cash tender it offered on 8/3, according to JP Morgan.

JP Morgan notes that debt securities were repurchased above par and included $50 per $1,000 of early tender principal, making the total consideration paid to be $264M.

Combined with the $700M in debt issued at the beginning of August, Corning's outstanding debt should total $474M after these transactions, and thus JP Morgan maintains its Neutral rating.

Corning Incorporated closed yesterday at $15.95.