Corteva said holders of EIDP’s three outstanding note issues tendered the bulk of the debt in its private exchange offers by the early tender deadline.
The strongest response came from the 5.125% senior notes due 2032, where $468.434 million of the $500 million outstanding was tendered, or 93.69%.
The 4.800% senior notes due 2033 drew $524.868 million of tenders out of $600 million outstanding, equal to 87.48%.
The 2.300% senior notes due 2030 saw $431.634 million tendered from the $500 million outstanding, or 86.33%.
Across the three series, EIDP has $1.6 billion outstanding and holders tendered $1.425 billion before the early deadline.
Corteva said the early tender results also delivered the consents needed to move ahead with the proposed indenture amendments: the requisite consents for the base indenture were received across all EIDP notes, and majority consents were received for each of the three note series.
The company extended the expiration date for each exchange offer and consent solicitation to Sept. 29 from Sept. 3.
Under the early tender terms, holders who submitted before the deadline will receive, for each $1,000 principal amount tendered and accepted, $1,000 of new Vylor notes plus cash of about $2.90 for the 2030 notes, $2.67 for the 2032 notes and $2.86 for the 2033 notes.
Holders who tender after the early deadline but by the new expiration date will receive $970 of Vylor notes per $1,000 of EIDP notes, with no cash payment.
Corteva said settlement is expected about two business days after the expiration date and is tied to the planned separation of its crop protection business from its seed business, now expected around Oct. 1, 2026. Following these announcements, the company's shares moved 1.36%, and are now trading at a price of $79.64. For the full picture, make sure to review Corteva's 8-K report.
