Corteva said the private exchange offers for three EIDP senior note issues drew strong participation before expiring Sept. 30, with holders tendering 86.97% of the 2.300% notes due 2030, 95.24% of the 5.125% notes due 2032 and 87.93% of the 4.800% notes due 2033.
On the $500 million 2030 issue, holders tendered $434.8 million. On the $500 million 2032 issue, they tendered $476.2 million. On the $600 million 2033 issue, they tendered $527.6 million.
Across the three tranches, valid tenders totaled about $1.44 billion out of $1.6 billion outstanding.
The exchange settlement is expected to coincide with Corteva’s planned separation into two publicly traded companies, targeted for around Oct. 1, 2026. Eligible holders who tendered by the early deadline are set to receive $1,000 of new Vylor notes plus a small cash payment per $1,000 tendered: about $2.90 for the 2030 notes, $2.67 for the 2032 notes and $2.86 for the 2033 notes. Late tendering holders are set to receive $970 of Vylor notes per $1,000 tendered, with no cash consideration. Following these announcements, the company's shares moved -0.28%, and are now trading at a price of $77.65. Check out the company's full 8-K submission here.
