DuPont commences exchange offers for $5.4B in senior notes tied to electronics spin-off

DuPont de Nemours, Inc.

Offers to exchange all outstanding 4.725% notes due 2028 ($2.25B), 5.319% notes due 2038 ($1B), and 5.419% notes due 2048 ($2.15B).
Concurrent consent solicitations seek to eliminate substantially all restrictive covenants in the indentures.
If electronics separation (target Nov 1, 2025) completes by Mar 31, 2026, DuPont must redeem $900M of new 2028 notes, $400M of new 2038 notes, and $860M of new 2048 notes at a premium.
Exchange offers require at least 50.1% tender of each series; early participation deadline Sep 15, 2025; expiration Sep 30, 2025.
New notes are unregistered and offered only to QIBs and non-U.S. persons under Rule 144A/Regulation S.

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