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Kodak Successfully Completes Syndication of $2.7 Billion Senior Secured Credit Facilities

Press release from the issuing company

ROCHESTER, N.Y.--Oct. 18, 2005-- Eastman Kodak Company announced today that it has increased its financial flexibility by successfully completing its $2.7 billion of Senior Secured Committed credit facilities. Kodak's new credit facilities are composed of the following components: A five-year, $1.0 billion committed revolving credit line to be used for general corporate purposes, including the issuance of letters of credit. This new credit line replaces the company's existing $1.225 billion, five-year credit facility, which was terminated on the completion of this new credit line. At closing, this new credit line was unused except for the issuance of approximately $73 million of letters of credit. A $1.7 billion seven-year term loan with $1.2 billion drawn at closing used to repay existing debt primarily arising out of the acquisition of Creo, which was completed on June 15, 2005. The remaining $500 million is committed, undrawn, and available for use through June 15, 2006. "We are pleased to close this important transaction, as it strengthens our financial position and enhances our ability to successfully execute our digital growth strategy," said Robert H. Brust, Chief Financial Officer, Eastman Kodak Company. "Now that the major pieces of our digital transformation are in place, we are committed to paying down debt."