Corteva said Tuesday that Vylor, its Delaware subsidiary, pushed back the deadline for its exchange offers and related consent solicitations by one day, moving expiration from Sept. 29, 2026, to Sept. 30, 2026.
The company said holders had tendered large majorities of all three EIDP note issues as of 5 p.m. New York time on Sept. 29:
- 2.300% senior notes due 2030: $434.8 million tendered out of $500 million outstanding, or 86.97%
- 5.125% senior notes due 2032: $476.2 million tendered out of $500 million outstanding, or 95.24%
- 4.800% senior notes due 2033: $527.6 million tendered out of $600 million outstanding, or 87.93%
Across the three series, $1.439 billion of the $1.6 billion outstanding had been validly tendered, equal to about 89.9%.
Vylor said settlement is expected on or about the first business day after the new expiration date, assuming the remaining conditions are met or waived. The exchange offers remain tied to Corteva’s planned separation into two publicly traded companies, and the company said the offers will not be completed unless that separation is consummated.
The company also said it had already received the requisite consents to adopt the proposed amendments to the indentures governing the EIDP notes, and that the amendments will become operative only when the exchange offers settle. Today the company's shares have moved 0.17% to a price of $77.87. For more information, read the company's full 8-K submission here.
