Corteva extends exchange offer and consent solicitation expiration date
Vylor Inc. pushed the expiration date for private exchange offers on EIDP notes to Sept. 30, 2026.
Corteva, Inc. (CTVA) said on Tuesday that its wholly owned subsidiary Vylor Inc. has extended the expiration date of its private exchange offers and related consent solicitations for three series of senior notes issued by EIDP, Inc., another wholly owned subsidiary of Corteva.
Vylor extended the expiration date of each exchange offer and consent solicitation from Sept. 29, 2026, to 5:00 p.m., New York City time, on Sept. 30, 2026, according to a press release issued through an 8-K filing.
The exchange offers apply to EIDP's 2.300% Senior Notes due 2030, 5.125% Senior Notes due 2032, and 4.800% Senior Notes due 2033. Eligible holders are offered a corresponding series of newly issued notes by Vylor.
As of 5:00 p.m., New York City time, on Sept. 29, 2026, validly tendered and unwithdrawn principal amounts stood at $434,841,000, or 86.97%, for the 2.300% Senior Notes due 2030 from an outstanding aggregate principal amount of $500,000,000. For the 5.125% Senior Notes due 2032, the tendered amount was $476,214,000, or 95.24%, from an outstanding $500,000,000. For the 4.800% Senior Notes due 2033, the tendered amount was $527,584,000, or 87.93%, from an outstanding $600,000,000.
The offers are conditioned upon the consummation of Corteva's planned separation into two independent, publicly traded companies, with one comprising its crop protection business and the other comprising its seed business to be owned by Vylor. Settlement of the exchange offers is expected to occur on or about the first business day following the expiration date and substantially simultaneously with the consummation of the separation, unless further extended.