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Eastman Kodak in deal with KKR
Photography company Eastman Kodak yesterday said it expects to raise up to $700m (£425m) through a series of debt sales, including a commitment from private equity firm Kohlberg Kravis Roberts, in an effort to shore up its balance sheet. KKR, which is to buy up to $400m of Kodak’s senior secured notes due 2017, said that its investment reflected its belief in Kodak’s strategy. Kodak also said it is to issue to KKR warrants to purchase up to 53m shares of Kodak common stock. Kodak said the slump was denting demand for cameras.