New Issue: DuPont prices $1 billion of five-, 10-year senior notes

By Cristal Cody

Tupelo, Miss., May 13 – E.I. DuPont de Nemours and Co., doing business as Corteva Agriscience, priced $1 billion of senior notes (A3/A-/A) in two parts on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.

A $500 million tranche of 1.7% five-year notes priced at 99.91 to yield 1.718%, or a spread of 140 basis points over Treasuries.

The notes were talked to print in the Treasuries plus 170 bps area.

The company sold $500 million of 2.3% 10-year notes at 99.637 to yield 2.34%. The notes priced with a Treasuries plus 170 bps spread, compared to initial talk in the 200 bps spread area.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG and SMBC Nikko Securities America, Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, which may include pension plan contributions and debt repayment.

Du Pont is a science and technology company based in Wilmington, Del.

Issuer:	E.I. DuPont de Nemours and Co., doing business as Corteva Agriscience
Amount:	$1 billion
Description:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG and SMBC Nikko Securities America, Inc.
Senior co-managers:	Barclays, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Santander Investment Securities Inc., SG Americas Securities, LLC, Standard Chartered Bank, TD Securities (USA) LLC and Wells Fargo Securities, LLC
Co-managers:	BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Rabo Securities USA, Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc., Deutsche Bank Securities Inc., ING Financial Markets LLC, Samuel A. Ramirez & Co., Inc., Siebert Williams Shank & Co., LLC and Westpac Capital Markets LLC
Trade date:	May 13
Settlement date:	May 15
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	SEC registered
Five-year notes
Amount:	$500 million
Maturity:	July 15, 2025
Coupon:	1.7%
Price:	99.91
Yield:	1.718%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole before June 15, 2024 at price equal to greater of par or Treasuries plus 25 bps; thereafter at par
Price guidance:	Treasuries plus 170 bps area
10-year notes
Amount:	$500 million
Maturity:	July 15, 2030
Coupon:	2.3%
Price:	99.637
Yield:	2.34%
Spread:	Treasuries plus 170 bps
Call features:	Make-whole before April 15, 2030 at price equal to greater of par or Treasuries plus 30 bps; thereafter at par
Price guidance:	Treasuries plus 200 bps area

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