DuPont de Nemours Announces Exchange Offers for Senior Notes

By Bobby Samwell • Wednesday, September 03 15:34 • Permanent Link

Dupont de Nemours, Inc. (NYSE: DD) has announced the commencement of exchange offers and consent solicitations for its outstanding senior notes, in connection with the intended separation of its electronics business into an independent public company, Qnity Electronics, Inc.

The exchange offers involve three series of existing notes: the 4.725% notes due 2028, the 5.319% notes due 2038, and the 5.419% notes due 2048. For each $1,000 principal amount of existing notes accepted for exchange, the exchange consideration is as follows: $950 principal amount of new notes and an early participation payment of $50 principal amount of new notes and $2.50 in cash. The total consideration, including the early participation payment, is $1,000 principal amount of new notes and $2.50 in cash.

The exchange offers and consent solicitations are being made pursuant to the terms and conditions set forth in the offering memorandum, and are conditioned upon certain conditions that may be waived by Dupont. The expiration date for each exchange offer is set for September 30, 2025.

If the intended electronics separation is completed on or before March 31, 2026, Dupont will be required to redeem specific principal amounts of the new notes at a special mandatory redemption price, which includes the present values of the remaining scheduled payments of principal and interest on each series of new notes, among other factors.

These exchange offers and consent solicitations are being made solely pursuant to the offering memorandum and only to such persons and in such jurisdictions as are permitted under applicable law.

In terms of financial figures, the principal amount outstanding for the 4.725% notes due 2028 is $2,250,000,000, for the 5.319% notes due 2038 is $1,000,000,000, and for the 5.419% notes due 2048 is $2,150,000,000.

Dupont's intended electronics separation is targeted for completion on November 1, 2025, subject to satisfaction of customary conditions. Following these announcements, the company's shares moved -0.24%, and are now trading at a price of $75.61. For more information, read the company's full 8-K submission here.

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