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Eastman Kodak in deal with KKR to raise capital

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 Eastman Kodak Co. said Wednesday it expects to raise up to $700 million through a series of debt sales in an effort to shore up its balance sheet.

The photography products pioneer, still struggling to find its footing in the digital era, said private equity fund Kohlberg Kravis Roberts & Co. has committed to purchase up to $400 million in senior secured notes due in 2017 in exchange for two seats on Kodak’s board of directors.

Kodak also agreed to issue KKR warrants to purchase up to 53 million Kodak common shares.

“This investment reflects our belief in Kodak’s strategy and our confidence in the Kodak management team to deliver on that strategy,” KKR co-founders Henry R. Kravis and George R. Roberts said in a statement.

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