Corteva Launches $1.2 Billion Senior Notes Offering

Published 6 hours agoCTVA

Corteva Launches $1.2 Billion Senior Notes Offering

Corteva, Inc. has announced the pricing of a public offering of senior notes, amounting to $1.2 billion. This offering will be divided into two series, each valued at $600 million. The series includes 4.500% Senior Notes due in 2026 and 4.800% Senior Notes due in 2033, reflecting a strategic effort by Corteva to manage its capital structure efficiently.

The 2026 notes are priced at 99.872% of their principal amount, while the 2033 notes are priced at 99.639% of their principal amount. Both series are issued under a shelf registration statement filed with the SEC. The expected closing date for this offering is set for May 15, 2023, pending customary closing conditions. The underwriters for this offer include Goldman Sachs & Co. LLC, BofA Securities, Inc., and SMBC Nikko Securities America, Inc.

Proceeds from the issuance will be allocated for general corporate purposes. Reuters reported that this move aligns with Corteva's ongoing strategy to support its growth initiatives and optimize its financial positioning.

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