Eastman Announces Offering of $250 Million 5.5% Notes due 2019

KINGSPORT, Tenn., Oct 28, 2009 (BUSINESS WIRE) -- Eastman Chemical Company (NYSE:EMN) today announced the public offering of $250 million 10-year notes due 2019 with a coupon of 5.5%. Citigroup Global Markets Inc. and J. P. Morgan Securities Inc. are serving as joint book-running managers for the offering.

Closing of the offering of notes is expected to occur on Nov. 2, 2009. Eastman intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include funding of pension plan obligations and repayment of borrowings outstanding from time to time.

A registration statement, a preliminary prospectus supplement and an issuer free writing prospectus have been filed, and a prospectus supplement relating to the offering of notes will be filed, with the SEC, to which this communication relates. Prospective investors should read the issuer free writing prospectus, preliminary prospectus supplement and accompanying prospectus included in that registration statement and other documents Eastman has filed with the SEC for more complete information about Eastman and this offering. These documents are available at no charge by visiting EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, the prospectus and the prospectus supplement may be obtained from Citigroup Global Markets Inc, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, (tel): 1-877-858-5407, and/or J. P. Morgan Securities Inc., 270 Park Avenue, New York, NY 10017, (tel): 1-212-834-4533 (collect).

This announcement is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of applicable prospectus supplements and the related prospectus. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the applicable prospectus supplement.

Forward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for third quarter 2009 available on the Eastman web site at www.eastman.com in the Investors, SEC filings section.

Eastman's chemicals, fibers and plastics are used as key ingredients in products that people use every day. Approximately 10,000 Eastman employees around the world blend technical expertise and innovation to deliver practical solutions.

The company is committed to finding sustainable business opportunities within the diverse markets it serves. A global company headquartered in Kingsport, Tennessee, USA, Eastman had 2008 sales of $6.7 billion. For more information, visit www.eastman.com.

SOURCE: Eastman Chemical Company CONTACT: Eastman Chemical Company Media: Tracy Broadwater, 423-224-0498 [e-mail] or Investors: Greg Riddle, 212-835-1620 [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Tennessee INDUSTRY KEYWORD: Manufacturing

Chemicals/Plastics

Other Manufacturing