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eastman chemical co (EMN) Key Developments

Eastman Chemical Company Enters into Five-Year Senior Term Loan Credit Agreement

On October 9, 2014, the Eastman Chemical Company entered into a Five-Year Senior Term Loan Credit Agreement with the initial lenders named therein; Citibank, N.A. as administrative agent; Citi, J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers; Bank of America, N.A. as documentation agent; and JPMorgan Chase Bank, N.A. as syndication agent. The Term Loan Agreement provides for a $1.0 billion term loan facility, the proceeds of which are expected to be used to partially fund completion of the Acquisition, including repaying certain outstanding indebtedness of Taminco and Acquisition fees and expenses. Funding under the Term Loan Agreement is subject to customary conditions for financings of this type. In addition, funding is also subject to the closing of the Acquisition. Borrowings under the Term Loan Agreement will be unsecured, and will bear interest at a variable base rate or a variable Eurodollar rate based on the London Interbank Offered Rate (LIBOR), at Eastman's election. Interest on base rate loans will be at varying spreads above quoted market rates, depending on Eastman's unsecured credit rating. Interest on Eurodollar rate loans will be determined by reference to LIBOR plus an applicable margin, depending on Eastman's unsecured credit rating. Borrowings under the Term Loan Agreement will amortize in quarterly installments from the date of borrowing as follows: 0% annually in the first year after the date of borrowing; 20% annually in the second year after the date of borrowing; 25% annually in the third and fourth years after the date of borrowing; and 30% annually in the fifth year after the date of borrowing. Borrowings outstanding under the Term Loan Agreement will be due and payable five years from the date of closing of the Acquisition. The term Loan Agreement contains customary events of default, representations, warranties, and covenants, including the maintenance of a ratio of Debt to Consolidated EBITDA (as defined in the Term Loan Agreement) for any four consecutive quarters of not greater than: 4.0 to 1 through December 30, 2015; 3.75 to 1 commencing on December 31, 2015; and 3.5 to 1 commencing on December 31, 2016. Eastman has agreed to pay the lenders customary fees, including a commitment fee based upon the undrawn portion of commitments under the Term Loan Agreement.

Eastman Chemical Company Completes Capacity Expansion of its Eastman 168 Non-Phthalate Plasticizers at its Manufacturing Facility in Texas City, Texas

Eastman Chemical Company has completed a previously announced capacity expansion of its Eastman 168(TM) non-phthalate plasticizers at its manufacturing facility in Texas City, Texas. The expansion at the site increased the overall capacity of Eastman 168 by approximately 15%. Non-phthalate plasticizers are broadly used in products such as toys, childcare items, food contact materials and medical devices, and are also used to provide flexibility to PVC in a wide variety of applications. End markets for non-phthalate plasticizers include building and construction, health and wellness, and a broad range of consumer products.

Eastman Chemical Co., Taminco Corporation - M&A Call

To discuss the acquisition agreement between the company and Taminco Corporation

Eastman Chemical Co. and Helian Polymers Collaborate to Introduce 3D Printing Solution in London

Eastman Chemical Company have collaborated to introduce a new low-odor, styrene-free 3D printing solution in London. 3D printing is a fast-growing technology that's ushering in a new era of manufacturing for health care, transportation and other high-profile industries. This new, proprietary polymer will bring excellent strength, workability, processing, low odor and aesthetics to 3D printed products." Eastman and Helian's new offering will provide makers of 3D filaments with a consistent, high-quality product. It will ensure the efficacy of 3D printers, protecting manufacturers' brand reputations.

Eastman Chemical Company Declares Quarterly Cash Dividend, Payable Oct. 1, 2014

The board of directors of Eastman Chemical Company declared a quarterly cash dividend of $0.35 per share on the company's common stock. The dividend is payable Oct. 1, 2014, to stockholders of record as of Sept. 15, 2014.


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