Corteva subsidiary EIDP issues $700 million in senior notes due 2036
EIDP issued $700 million in senior notes carrying a 6.000% interest rate to fund general corporate purposes and repay commercial paper.
Corteva, Inc. (CTVA) said in a filing that its subsidiary EIDP, Inc. issued $700 million aggregate principal amount of senior notes due 2036 in a private offering.
Key takeaways
- EIDP issued $700 million in senior notes due August 15, 2036, bearing interest at 6.000% per year.
- Interest payments are scheduled for February 15 and August 15 annually, starting February 15, 2027.
- Net proceeds will fund general corporate purposes, including commercial paper repayments.
- A special mandatory redemption requires EIDP to redeem notes at 101% plus interest if the corporate separation is not completed.
Note terms and redemption provisions
According to a regulatory filing, the notes were issued under an indenture dated May 15, 2020, between EIDP and U.S. Bank Trust Company, National Association as trustee, as supplemented by a fifth supplemental indenture dated September 24, 2026. The notes mature on August 15, 2036, and carry an annual interest rate of 6.000%.
The indenture includes a special mandatory redemption provision requiring EIDP to redeem the notes at a redemption price of 101% of the aggregate principal amount plus accrued and unpaid interest if the planned corporate separation of Corteva is not completed. The special mandatory redemption provision terminates upon completion of the separation.
Registration rights and agreements
EIDP entered into a registration rights agreement dated September 24, 2026, with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and BofA Securities, Inc. as representatives of the initial purchasers. Under the agreement, Eidp agreed to file a registration statement for an exchange offer or a shelf registration for the resale of the notes within 366 days from the completion of the separation.
Why it matters
The financing supports corporate liquidity ahead of the planned separation of Corteva into two independent, publicly traded companies housing its crop protection and seed businesses. Holders gain registration rights and protections tied to the execution of the separation plan.
By the numbers
| Metric | Value | Source |
|---|---|---|
| Aggregate principal amount | $700 million | Filing |
| Interest rate | 6.000% per year | Filing |
| Maturity date | August 15, 2036 | Filing |
| First interest payment date | February 15, 2027 | Filing |
| Special mandatory redemption price | 101% of principal | Filing |
Timeline and remaining milestones
The offering closed on September 24, 2026. EIDP expects to file the exchange offer or shelf registration statement within 366 days following the settlement date of the separation between Corteva and EIDP.