Corteva Announces Pricing of Senior Notes Offering
Corteva (NYSE: CTVA) has announced the pricing of a $500 million Senior Notes offering through its subsidiary EIDP, Inc. The Notes will mature on May 15, 2032, with a 5.125% interest rate paid semi-annually. The proceeds will be used for general corporate purposes, including the redemption of EIDP's existing $500 million 1.700% Senior Notes due 2025.
The offering is expected to close on May 14, 2025, with BNP Paribas Securities, Citigroup Global Markets, and HSBC Securities acting as joint book-running managers. The Notes are being offered through a prospectus supplement and accompanying prospectus as part of an effective shelf registration statement with the SEC.
Corteva (NYSE: CTVA) ha annunciato il prezzo di un'offerta di Senior Notes da 500 milioni di dollari tramite la sua controllata EIDP, Inc. Le obbligazioni scadranno il 15 maggio 2032, con un tasso di interesse del 5,125% pagato semestralmente. I proventi saranno utilizzati per scopi aziendali generali, inclusa la riscossione delle Senior Notes esistenti di EIDP da 500 milioni di dollari con un tasso dell'1,700% in scadenza nel 2025.
L'offerta dovrebbe chiudersi il 14 maggio 2025, con BNP Paribas Securities, Citigroup Global Markets e HSBC Securities come gestori congiunti del libro ordini. Le obbligazioni sono offerte tramite un supplemento al prospetto e il prospetto accompagnatorio nell'ambito di un'efficace dichiarazione di registrazione a scaffale presso la SEC.
Corteva (NYSE: CTVA) ha anunciado el precio de una oferta de Senior Notes por 500 millones de dólares a través de su subsidiaria EIDP, Inc. Los bonos vencerán el 15 de mayo de 2032, con una tasa de interés del 5.125% pagadera semestralmente. Los ingresos se utilizarán para propósitos corporativos generales, incluida la redención de los Senior Notes existentes de EIDP por 500 millones de dólares con una tasa del 1.700% que vencen en 2025.
Se espera que la oferta cierre el 14 de mayo de 2025, con BNP Paribas Securities, Citigroup Global Markets y HSBC Securities actuando como gestores conjuntos del libro de órdenes. Los bonos se ofrecen mediante un suplemento de prospecto y un prospecto adjunto como parte de una declaración de registro en estantería efectiva ante la SEC.
Corteva (NYSE: CTVA)는 자회사 EIDP, Inc.를 통해 5억 달러 규모의 선순위 채권 발행 가격을 발표했습니다. 이 채권은 2032년 5월 15일 만기이며, 연 5.125%의 이자가 반기별로 지급됩니다. 조달 자금은 일반 기업 목적, 특히 2025년에 만기가 도래하는 EIDP의 기존 5억 달러 1.700% 선순위 채권 상환에 사용될 예정입니다.
이번 발행은 2025년 5월 14일 마감될 예정이며, BNP Paribas Securities, Citigroup Global Markets, HSBC Securities가 공동 주관사로 참여합니다. 이 채권은 SEC에 효력이 있는 등록 명세서의 일부인 보충 설명서와 동봉된 설명서를 통해 제공됩니다.
Corteva (NYSE : CTVA) a annoncé le prix d'une émission de Senior Notes de 500 millions de dollars via sa filiale EIDP, Inc. Les Notes arriveront à échéance le 15 mai 2032, avec un taux d'intérêt de 5,125% payé semestriellement. Les fonds seront utilisés à des fins générales d'entreprise, y compris le remboursement des Senior Notes existantes d'EIDP de 500 millions de dollars à 1,700% arrivant à échéance en 2025.
L'offre devrait se clôturer le 14 mai 2025, BNP Paribas Securities, Citigroup Global Markets et HSBC Securities agissant en tant que gestionnaires conjoints du livre d'ordres. Les Notes sont proposées via un supplément de prospectus et un prospectus accompagnant dans le cadre d'une déclaration d'enregistrement en étagère effective auprès de la SEC.
Corteva (NYSE: CTVA) hat die Preisfestsetzung für ein Senior Notes Angebot in Höhe von 500 Millionen US-Dollar über seine Tochtergesellschaft EIDP, Inc. bekanntgegeben. Die Notes laufen am 15. Mai 2032 aus und haben einen Zinssatz von 5,125%, der halbjährlich gezahlt wird. Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich der Rückzahlung der bestehenden 500 Millionen US-Dollar Senior Notes von EIDP mit 1,700% Zins, fällig 2025.
Das Angebot soll am 14. Mai 2025 abgeschlossen werden, wobei BNP Paribas Securities, Citigroup Global Markets und HSBC Securities als gemeinsame Bookrunner fungieren. Die Notes werden im Rahmen eines wirksamen Shelf-Registrierungsformulars bei der SEC über einen Prospektergänzungsbericht und den begleitenden Prospekt angeboten.
- Refinancing of existing debt at similar principal amount shows strong financial management
- Long-term debt maturity (7-year notes) provides financial stability
- Higher interest rate on new notes (5.125%) compared to existing notes (1.700%) will increase interest expenses
Insights
Corteva is refinancing $500M in debt at a higher interest rate, extending maturity to 2032 with minimal immediate financial impact.
Corteva has priced a
Looking at the interest rates, Corteva is facing significantly higher borrowing costs in this refinancing - moving from
Proactively addressing the 2025 maturity provides Corteva with improved debt maturity laddering by extending this obligation out to 2032, enhancing near-term financial flexibility. This transaction demonstrates prudent liability management, though at the cost of higher interest expenses. The company has secured strong banking relationships with major institutions (BNP Paribas, Citigroup, and HSBC) serving as joint book-running managers, indicating continued access to capital markets.
For context, while the interest rate increase appears substantial, this represents just one component of Corteva's overall debt structure, and the extended maturity provides certainty in their capital structure planning. This type of refinancing is a standard treasury operation for maintaining an optimal debt profile.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., and HSBC Securities (
The Notes are being offered by means of a prospectus supplement and accompanying prospectus forming a part of the effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act").
You may obtain a copy of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus supplement, when available, by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of any of those documents may be obtained by calling BNP Paribas Securities Corp. at 1-800-854-5674, Citigroup Global Markets Inc. at 1-800-831-9146, or HSBC Securities (
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any sale of Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. EIDP, Inc. is a direct subsidiary of Corteva.
Cautionary Statement About Forward-Looking Statements
This press release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond EIDP's control. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on EIDP's business, results of operations and financial condition. Additionally, there may be other risks and uncertainties that EIDP is unable to currently identify or that EIDP does not currently expect to have a material impact on its business.
Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of EIDP's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. EIDP disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the prospectus supplement and accompanying prospectus related to the offering of the Notes, Corteva's and EIDP's Annual Report on Form 10-K for the year ended December 31, 2024 and Corteva's and EIDP's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in each case filed with the SEC.
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SOURCE Corteva, Inc.
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