Financing ·
Corteva announced that its wholly owned subsidiary Vylor has commenced private exchange offers and consent…
CTVACorteva, Inc.
Corteva announced that its wholly owned subsidiary Vylor has commenced private exchange offers and consent solicitations for outstanding EIDP Senior Notes due 2030, 2032, and 2033. The transactions facilitate the planned separation of Corteva into two independent companies: a crop protection business (New Corteva) and a seed business held by Vylor, expected to close around October 1, 2026. Vylor entered into new credit facilities totaling $7.25 billion, including a $3 billion five-year revolving facility, a $1.5 billion 364-day revolving facility, and a $2.75 billion delayed draw term facility. Pro forma financials indicate Vylor will hold approximately $1.1 billion in cash and $5.6 billion in borrowings at separation, with an expected debt-to-EBITDA leverage ratio of 0.8x to 1.1x. Corteva operates in the agriculture industry, developing and commercializing seeds, crop protection products, and digital agriculture solutions.