Eastman Kodak Company Enters $200 Million Purchase Agreement With Southeastern Asset Management, Inc. and Investment Funds Managed by Southeastern

November 7, 2016

S&C client Eastman Kodak Company entered into a purchase agreement with Southeastern Asset Management, Inc. and three investment funds managed by Southeastern, pursuant to which Kodak agreed to issue and sell to the funds an aggregate of 2,000,000 shares of Kodak's newly issued 5.50% Series A convertible preferred stock, for a purchase price of $200 million.
 
Kodak is a global commercial printing and imaging company with proprietary technologies in materials science, digital imaging science and software and deposition processes. Kodak provides directly and through partnerships with other companies hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, electronic displays, entertainment and commercial films and consumer products markets.
 
Southeastern is an employee-owned, global investment firm founded in 1975. Southeastern employs a value investment approach, focusing on long-term investments in strong businesses.
 
The S&C team assisting Kodak included Stephen Kotran, Ari Blaut, Lucas Carsley, Daniel Belke, So Yeon Kim, Michael Wasil, John Welch and Patrick Salvo. Ronald Creamer and Guy Inbar advised on tax matters. Matthew Brennan advised on environmental matters.