Mergers & Acquisitions ·
Corteva, Inc.'s wholly owned subsidiary EIDP, Inc., has received the requisite consents from holders of its…
CTVACorteva, Inc.
Corteva, Inc.'s wholly owned subsidiary EIDP, Inc., has received the requisite consents from holders of its outstanding senior notes to adopt proposed amendments to the base and supplemental indentures. These amendments eliminate substantially all restrictive covenants and change-of-control repurchase provisions from the debt agreements governing 2.300% Senior Notes due 2030, 5.125% Senior Notes due 2032, and 4.800% Senior Notes due 2033. The amendments are conditioned on the consummation of Corteva's separation into two independent companies: one retaining crop protection and the other, Vylor Inc., holding the seed business. Concurrently, Vylor commenced private exchange offers for these EIDP notes in exchange for new notes issued by Vylor. The indenture amendments will become operative only upon settlement of the exchange offers, which is expected to occur simultaneously with the separation. Corteva operates in the agriculture industry, providing seeds and crop protection products.