Mergers & Acquisitions ·
EIDP issues $700 million of 6.000% senior notes due 2036 as Corteva pursues separation into two entities
CTVACorteva, Inc.
Corteva, Inc. announced that its Board is pursuing a plan to separate the company into two independent entities: EIDP, Inc., comprising the crop protection business, and Vylor Inc., holding the seed business. In connection with this separation, EIDP issued $700 million in aggregate principal amount of 6.000% Senior Notes due August 15, 2036, in a private offering. The net proceeds will be used for general corporate purposes, including repaying commercial paper borrowings. A special mandatory redemption provision requires EIDP to redeem the notes at 101% of principal plus accrued interest if the separation is not completed. Corteva operates in the agriculture industry, providing seeds and crop protection products.