Summary
Corteva, Inc. (CTVA) announced on May 13, 2020, through its direct subsidiary E.I. du Pont de Nemours and Company (d/b/a Corteva Agriscience), the execution of an Underwriting Agreement to issue $1 billion in aggregate principal amount of senior notes. This offering comprises $500 million of 1.700% Senior Notes due 2025 and $500 million of 2.300% Senior Notes due 2030. This debt issuance, governed by an Indenture and a First Supplemental Indenture with U.S. Bank National Association as trustee, aims to raise capital for the company. The notes have been registered under the Securities Act of 1933. Investors should note that this 8-K filing primarily serves to disclose the details of this financing transaction and the related agreements.
Key Highlights
- 1Corteva issued $1 billion in senior notes, split equally between 2025 and 2030 maturities.
- 2The 2025 Notes carry a coupon rate of 1.700%.
- 3The 2030 Notes carry a coupon rate of 2.300%.
- 4The issuance was conducted through an Underwriting Agreement with major financial institutions including Credit Suisse, J.P. Morgan, and Goldman Sachs.
- 5The notes are governed by a Base Indenture and a First Supplemental Indenture, with U.S. Bank National Association acting as trustee.
- 6The offering is part of a shelf registration statement previously filed with the SEC.
- 7This filing is an 'Other Events' disclosure (Item 8.01) related to a debt financing transaction.