Corning Announces Final Results of Tender Offer
June 17, 2003
Corning Inc. recently announced the final results of its previously announced modified Dutch auction tender for its outstanding zero coupon convertible debentures. The offer expired at midnight, Eastern Time, on June 4, 2003. Corning has accepted for purchase $834 million aggregate principal amount at maturity of debentures validly tendered and not withdrawn at a purchase price of $747.50 per $1000 of principal amount at maturity. Because more than $834 million principal amount of debentures were validly tendered and not withdrawn, Corning will purchase, on a prorated basis, 98.34% of the debentures tendered at or below the purchase price. The purchase price applies to all debentures accepted for payment pursuant to the offer. The cash payment required to complete the tender is $623.4 million. Payment for the debentures accepted for purchase was expected to occur by June 12, 2003. All debentures not accepted for payment will be promptly returned to holders. J.P. Morgan Securities Inc. and Banc of America Securities LLC acted as joint dealer managers for the tender offer. Georgeson Shareholder Communications Inc. served as information agent and Alpine Fiduciary Services, Inc. as depositary.
Corning's website is located at http://www.corning.com .