Eastman Kodak closes $450M term loan refinancing, terminates ABL facility and $25M convertible notes

EASTMAN KODAK CO

Borrowed $450M under amended term loan credit agreement to refinance existing senior secured term loan and repay ABL revolver and $25M convertible notes.
Amended L/C facility increased commitments to up to $100M, with cash collateral requirement; commitments reduce to $50M after Aug 30, 2023.
Kennedy Lewis Investment Management's board nomination right extended until KLIM holds at least $200M of refinancing term loans.
All obligations under Existing ABL Credit Agreement terminated and security interests released.

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