Financing ·
Corteva, Inc. announced that its wholly owned subsidiary Vylor Inc. issued $1.1 billion in aggregate principal amount…
CTVACorteva, Inc.
Corteva, Inc. announced that its wholly owned subsidiary Vylor Inc. issued $1.1 billion in aggregate principal amount of senior notes to fund the separation of Corteva's seed business into an independent public company. The offering consists of $550 million of Senior Notes due 2031 bearing interest at 5.125% and $550 million of Senior Notes due 2036 bearing interest at 5.625%. Vylor intends to use the net proceeds to make a cash distribution to Corteva's parent company EIDP, Inc., as partial consideration for contributing the seed business to Vylor, with remaining funds used to exchange certain outstanding EIDP notes and pay related fees. The notes are guaranteed by EIDP until the separation is completed and include a special mandatory redemption provision requiring Vylor to redeem the notes at 101% of principal if the separation does not occur. Corteva operates in the agriculture industry, developing and commercializing crop protection products and seeds.