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Corteva Announces Early Tender Results and Extension of Expiration Date in Private Exchange Offers and Consent Solicitations for EIDP's 2.300% Senior Notes Due 2030, 5.125% Senior Notes Due 2032 and 4.800% Senior Notes Due 2033

CTVA
  • Corteva Inc. announced that its subsidiary Vylor Inc. received early tender results for an exchange offer involving EIDP Inc. senior notes & related consent solicitations.
  • Vylor received the requisite consents to adopt proposed amendments eliminating restrictive covenants & change of control provisions from the EIDP Base Indenture & Supplemental Indentures.
  • Early tender results show valid exchanges of $431.6 million (86.33%) of the 2.300% notes, $468.4 million (93.69%) of the 5.125% notes, & $524.9 million (87.48%) of the 4.800% notes.
  • The expiration date for the Exchange Offers & Consent Solicitations was extended from September 3, 2026, to September 29, 2026.
  • Holders tendering by the early deadline receive a 1:1 principal exchange of Vylor Notes plus cash consideration of approximately $2.90, $2.67, & $2.86 per $1,000 for the respective note series.
  • Holders tendering after the early deadline but before expiration receive $970 of Vylor Notes per $1,000 of EIDP Notes with no cash consideration.
  • The transaction is conditional upon Corteva's planned separation into two independent companies, which is expected to occur around October 1, 2026.
  • Settlement of the exchange is expected on or about the second business day following the Expiration Date, coinciding with the consummation of the corporate separation.
  • Eligible participants are restricted to qualified institutional buyers & non-U.S. persons in compliance with Regulation S & Section 4(a)(2) of the Securities Act.