Eastman Chemical $500 million notes offering and concurrent cash tender offer
The investment-grade notes are due 2029
Davis Polk advised the representatives of the several underwriters in connection with an offering by Eastman Chemical Company of $500 million aggregate principal amount of its 5.000% notes due 2029.
Davis Polk is also advising the dealer managers in connection with Eastman Chemical Company’s concurrent cash tender offer to purchase up to $250 million aggregate principal amount of its outstanding 3.800% notes due 2025. The concurrent cash tender offer will be funded with the proceeds of the notes offering.
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries.
The Davis Polk capital markets team included partners Pedro J. Bermeo and Byron B. Rooney and associates Kanger Jin and Cheridan Christnacht. Partner Corey M. Goodman and associates Albert Park and Carter Ballentine Allison provided tax advice. Counsel Loyti Cheng and associate Timothy J. Sullivan provided environmental advice. All members of the Davis Polk team are based in the New York office.