Davis Polk advised Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, RBS Securities Inc. and Wells Fargo Securities, LLC as joint book-running managers in connection with an offering by Eastman Chemical Company of $1 billion aggregate principal amount of its 2.4% notes due 2017, $900 million aggregate principal amount of its 3.6% notes due 2022 and $500 million aggregate principal amount of its 4.8% notes due 2042.
Headquartered in Kingsport, Tennessee, Eastman Chemical Company is a global chemical company that manufactures and sells a broad portfolio of chemicals, plastics and fibers.
Eastman Chemical Company intends to use the net proceeds from the offering to partially finance its pending $3.4 billion acquisition of Solutia Inc., which is expected to close in mid-2012. Solutia Inc. is a market-leading performance materials and specialty chemicals company.
The Davis Polk corporate team included partner Richard A. Drucker, associates Jason Roomer and Sheldon Laing and law clerk Lisa Bozman. Partner Kathleen L. Ferrell and associate Kerry S. Price provided tax advice. Counsel Betty M. Huber and associate Amy E. Turner provided environmental advice. Katina D. Gallo was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
