Corteva announced that its wholly-owned subsidiary, Vylor Inc., has commenced private exchange offers and consent solicitations for three series of outstanding senior notes. This action is a key step in the previously announced plan to separate Corteva into two independent, publicly traded companies: a crop protection business and a seed business, which will be housed under Vylor. The separation is expected to be completed on or about October 1, 2026.
Key Details
- Exchange Offer: The offer is for any and all outstanding 2.300% Senior Notes due 2030 ($500M), 5.125% Senior Notes due 2032 ($500M), and 4.800% Senior Notes due 2033 ($600M), for a total of $1.6 billion in aggregate principal, issued by subsidiary EIDP, Inc. These will be exchanged for new notes issued by Vylor.
- Timeline: The early tender deadline is 5:00 p.m. NYC time on August 19, 2026, and the offers expire on September 3, 2026. The separation is expected to be consummated on or about October 1, 2026.
- New Capital Structure: In connection with the separation, Vylor has entered into new credit facilities, including a $3.0 billion five-year revolving credit facility, a $1.5 billion 364-day revolving credit facility, and a $2.75 billion delayed draw term loan facility.