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Albemarle Corporation (ALB) - $25 value - yours FREE >>
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Eastman Chemical (EMN) Offering Euro 550 Million Notes
Eastman Chemical Company (EMN - Free Report) has declared the public offering of €550 million (or $621 million) principal amount of 1.50% notes due 2023. The offering of the notes is expected to close on May 26, 2016, subject to customary closing conditions.
Eastman Chemical plans to utilize the net proceeds from the offering to repay or redeem a portion of the $1 billion outstanding aggregate principal amount of its 2.4% notes due Jun 2017, either at or prior to maturity. Any proceeds left after redemption of the notes due Jun 2017 will be used for general corporate purposes, which may include working capital, capital expenditures, repayment of other indebtedness outstanding from time to time, and other matters in connection with the implementation of its strategic initiatives. Pending the application of the net proceeds, the company intends to invest such net proceeds in short-term investments.
Eastman Chemical’s shares fell around 0.6% to close at $73.02 last Thursday.
Eastman Chemical’s profit surged in first-quarter 2016, helped by its cost-saving actions and continued momentum in its specialty businesses. Adjusted earnings topped the Zacks Consensus Estimate, but sales missed expectations. Revenues fell in the quarter, hurt by lower pricing and unfavorable currency impact.
Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses, remain its strength. It also benefits from acquisitions, business restructuring, cost-cutting measures and increased capacity additions. However, Eastman Chemical is still faced with pricing and competitive pressures. The company is also exposed to currency headwinds.
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the chemical space include Albemarle Corporation (ALB - Free Report) , Innophos Holdings Inc and Innospec Inc. (IOSP - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
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