Corteva's Vylor commences exchange offers for EIDP notes; targets debt/EBITDA 0.8-1.1x post-separation

Corteva, Inc.

Vylor expects debt/EBITDA leverage ratio of 0.8x-1.1x at Dec 31, 2026, targeting not to exceed 2.5x.
Estimated cash $1.1B, total borrowings $5.579B as of Oct 1, 2026; long-term debt $2.436B.
Vylor entered into $3B five-year revolver, $1.5B 364-day revolver, $2.75B delayed draw term loan, and $3-3.5B PHI bilateral facility.
Exchange offers for EIDP notes (2.300% 2030, 5.125% 2032, 4.800% 2033) to issue Vylor notes; consent solicitations to amend indentures.
Separation expected on or about Oct 1, 2026, subject to conditions.

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