September 17, 2009 (FinancialWire) — Eastman Kodak Co. (NYSE: EK) said it plans to offer $300 million of convertible senior notes due 2017 in a private placement.

The company plans to grant the initial purchasers an option to purchase up to an additional $45 million of the notes to cover over-allotments. The option would be exercisable on or prior to September 22.

Kodak said it will have the right to redeem the notes in whole or in part at a specified redemption price at any time on or after October 1, 2014 and before October 1, 2016. The company plans to use the net proceeds from the offering to repurchase its 3.375% convertible notes due 2033 through a tender offer, and for general corporate purposes.

Rochester, New York-based Eastman Kodak produces imaging and photographic materials and equipment.

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