Eastman Announces Closing of Inaugural $500 Million Green Bond Issuance

Net Proceeds will be Allocated Toward a Portfolio of Eligible Green Investments in Support of Eastman’s Sustainability Goals

Eastman Chemical Company (NYSE:EMN) today announced that it has closed its offering of $500 million principal amount of 5.750% Senior Unsecured Notes due 2033, which is the first investment grade USD-denominated senior unsecured green bond offering by a U.S. issuer in the chemical sector. Net proceeds will be allocated to eligible projects to advance Eastman’s sustainability goals of mitigating climate change, mainstreaming circular economy, and caring for society.

“I am proud to announce that we have successfully issued our first green bond,” said Senior Vice President and Chief Financial Officer Willie McLain. “Sustainability is at the heart of our corporate strategy and this green bond issuance is testament of our commitment to creating solutions that address environmental and social challenges faced today.”

Eastman intends to allocate an amount equivalent to the net proceeds of the $500 million offering to finance or refinance, in whole or in part, to one or more new or existing eligible projects in the following categories as outlined in Eastman’s Green Financing Framework:

• Circular economy production technologies and processes;
• Eco-efficient and/or circular economy adapted technologies and products;
• Pollution prevention and control;
• Energy efficiency;
• Renewable energy; and/or
• Sustainable water and wastewater management.

Eastman has committed to provide an allocation and impact report annually until full allocation of the net proceeds from the offering and, in the event of any material changes, until the relevant maturity date, which will be available on Eastman’s website. This report will provide the amount of net proceeds allocated to eligible project categories, the percentage of allocation of net proceeds between financing/refinancing of existing and new projects, the remaining balance of unallocated proceeds at the end of the reporting period, if any, and impact reporting, to the extent feasible, at the level of each eligible project category.

Eastman’s Sustainability Strategy

Eastman is centered on sustainability at our core. Our sustainability strategy, which we call A Better Circle, is comprised of meaningful and measurable goals that ensure progress toward the environmental, social, and governance (ESG) expectations of our stakeholders. We’re focusing on designing sustainable solutions and scaling positive societal impact while also delivering financial value to our shareholders. Our goals and objectives are structured across three pillars: mitigating climate change, mainstreaming circularity, and caring for society.

In September 2022, Eastman published a comprehensive Sustainability Report, which is available here.

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2022 revenues of approximately $10.6 billion and is headquartered in Kingsport, Tennessee, USA.

Forward-Looking Statements

This news release contains forward-looking statements that are based on current expectations and beliefs of Eastman. All statements other than statements of historical fact, are statements that could be deemed forward-looking statements, including the intended use of proceeds from the offering and Eastman’s green or sustainability objectives, goals and commitments. Such expectations and assumptions are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations and assumptions 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-K filed for 2022, which is available, on the Eastman website at www.eastman.com in the Investors, SEC filings section. These statements are based on our current beliefs and expectations and speak only as of the date of this release. We do not undertake any obligation to publicly update any forward-looking statements.

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