EKDKQ Eastman Kodak Co said on Thursday that it had reached a $895 million financing deal with three Wall Street banks that will help fund its rebirth as commercial imaging business after the former film pioneer emerges from bankruptcy.
Affiliates of JPMorgan Chase & Co, Bank of America Corp and Barclays Plc will be joint lead arrangers for a senior secured term loan package of $695 million. The three banks will also arrange an asset-based revolving credit facility of $200 million.
Kodak will use the money to pay off loans that funded its bankruptcy as well as for working capital once it exits bankruptcy, which is expected later this year.
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