INDIANAPOLIS, May 11, 2023
/PRNewswire/ -- Corteva, Inc. ("Corteva") (NYSE: CTVA) today
announced the pricing of a public offering by its direct
subsidiary, EIDP, Inc. ("EIDP") totaling $1.2 billion of Senior Notes. The net proceeds
from the sale of the Notes will be used for general corporate
purposes.
The public offering consists of $600
million aggregate principal amount of its 4.500% Senior
Notes due in 2026 (the "2026 Notes"), which will be issued at
99.872% of their principal amount, and $600
million aggregate principal amount of its 4.800% Senior
Notes due in 2033 (together with the 2026 Notes, the "Notes"),
which will be issued at 99.639% of their principal amount. 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").
Goldman Sachs & Co. LLC, BofA Securities, Inc., and SMBC
Nikko Securities America, Inc. are acting as joint book-running
managers for the offering. The offering is expected to close on
May 15, 2023, subject to the
satisfaction of customary closing conditions.
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 Goldman Sachs & Co. LLC at 1-866-471-2526,
BofA Securities, Inc. at 1-800-294-1322, or SMBC Nikko Securities
America, Inc. at 1-888-868-6856.
This communication 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 jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
Corteva, Inc. (NYSE: CTVA) is a publicly traded, 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. EIDP is a direct subsidiary of
Corteva. 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.
Cautionary Statement About Forward-Looking Statements
This press release contains 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, 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" or other words of
similar meaning. All statements that address expectations or
projections about the future, including statements about completion
of this transaction and EIDP's financial results or outlook;
strategy for growth; product development; regulatory approvals;
market position; capital allocation strategy; liquidity;
environmental, social and governance ("ESG") targets and
initiatives; the anticipated benefits of acquisitions restructuring
actions, or cost savings initiatives; and the outcomes of
contingencies, including 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, 2022 and Corteva's and EIDP's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, in each case filed with the
SEC.
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SOURCE Corteva, Inc.