Dupont de Nemours, Inc. (NYSE: DD) has announced an amendment to its previously announced offers to exchange any and all of its outstanding 4.725% notes due 2028, 5.319% notes due 2038, and 5.419% notes due 2048 for new notes to be issued by Dupont. As of the early participation date, the requisite number of consents have been received to adopt the proposed amendments with respect to the 2028 notes, and Dupont has executed a supplemental indenture to the existing indenture with respect to such 2028 notes.
Prior to the amendment, for each $1,000 principal amount of existing notes validly tendered and not validly withdrawn at or prior to the early participation date, eligible holders were eligible to receive an early participation payment of $50 principal amount of the new notes of the applicable series and $2.50 in cash. Additionally, for each $1,000 principal amount of existing notes validly tendered and not validly withdrawn prior to the expiration date, eligible holders were eligible to receive $950 principal amount of the new notes of the applicable series.
However, Dupont is amending the consideration for each $1,000 principal amount of the existing notes validly tendered and not validly withdrawn after the early participation date and prior to the expiration date, such that all tendering eligible holders are eligible to receive the total consideration, which consists of $950 principal amount of new notes of the applicable series issued as exchange consideration plus the early participation payment.
The right of a holder of tendered 2028 notes to withdraw has expired, while the right of a holder of tendered 2038 notes or 2048 notes to withdraw has been extended to September 17, 2025. If Dupont does not receive the requisite consents to effect the proposed amendments with respect to either the 2038 notes or the 2048 notes, it expects to waive the minimum tender condition and accept all existing notes of such series tendered and not previously properly withdrawn up to certain principal amounts, subject to proration procedures.
Each exchange offer is currently scheduled to expire at 5:00 p.m., New York City time, on September 30, 2025, unless extended or terminated. The settlement date for each exchange offer and consent solicitation will be promptly following the expiration date.
Today the company's shares have moved -0.2% to a price of $76.96. Check out the company's full 8-K submission here.
