Prospectus Supplement
(To Prospectus dated February 14, 2020)
$1,000,000,000
E.I. du Pont de Nemours and Company
d/b/a
Corteva Agriscience
$500,000,000 1.700% Senior Notes due 2025
$500,000,000 2.300% Senior Notes due 2030
E.I. du Pont de Nemours and Company d/b/a Corteva Agriscience (the “issuer”, “EID”, “Corteva Agriscience”, the “Company”, “we”, “us” or “our”) is offering $500,000,000 aggregate principal amount of our Senior Notes due 2025 (the “2025 notes”) and $500,000,000 aggregate principal amount of our Senior Notes due 2030 (the “2030 notes” and, together with the 2025 notes, the “notes”). The 2025 notes will bear interest at a rate of 1.700% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2021, and the 2030 notes will bear interest at a rate of 2.300% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2021. The 2025 notes will mature on July 15, 2025, and the 2030 notes will mature on July 15, 2030.
We may, at our option, redeem either series of notes in whole at any time or in part from time to time at the applicable redemption prices described under “Description of Notes—Optional Redemption.” If a Change of Control Triggering Event (as defined herein) occurs in respect of a series of notes, we will be required to offer to repurchase such series of notes from holders at a repurchase price equal to 101% of the principal amount thereof, plus accrued interest, to, but not including, the repurchase date. See “Description of Notes—Change of Control.”
We intend to use the net proceeds from the sale of the notes, which are expected to be approximately $988.8 million after deducting the underwriting discounts and the payment of expenses related to the offering, for general corporate purposes, which may include discretionary contributions to our United States principal pension plan and repayment of other indebtedness.
The notes will be our unsecured senior obligations and will rank equally in right of payment with all of our existing and future senior unsecured indebtedness from time to time outstanding. The notes will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, of our subsidiaries. The notes will be issued only in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Each series of notes will be a new issue of securities with no established trading market. We do not intend to list the notes on any securities exchange or any automated dealer quotation system.
Investing in the notes involves risks. Please read “Risk Factors” beginning onpage S-5 of this prospectus supplement and on page 4 of the accompanying prospectus, the risk factors included in our periodic reports that we file with the U.S. Securities and Exchange Commission (the “SEC”) and other information included or incorporated by reference into this prospectus supplement and the accompanying prospectus for a discussion of certain risks that you should consider in connection with making an investment in the notes.
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| | Public Offering Price(1) | | | Underwriting Discount | | | Proceeds, Before Expenses, to Us | |
Per 2025 note | | | 99.910 | % | | | 0.600 | % | | | 99.310 | % |
Total | | $ | 499,550,000 | | | $ | 3,000,000 | | | $ | 496,550,000 | |
Per 2030 note | | | 99.637 | % | | | 0.650 | % | | | 98.987 | % |
Total | | $ | 498,185,000 | | | $ | 3,250,000 | | | $ | 494,935,000 | |
Combined total for the notes | | $ | 997,735,000 | | | $ | 6,250,000 | | | $ | 991,485,000 | |
(1) | Plus accrued interest, if any, from May 15, 2020, if settlement occurs after that date. |
Neither the SEC nor any state securities commission has approved or disapproved of the notes or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
We expect that the notes will be delivered to investors on or about May 15, 2020 in book-entry form only through the facilities of The Depository Trust Company for the benefit of its participants, which may include Clearstream Banking S.A. and Euroclear Bank S.A./N.V., against payment in New York, New York.
Joint Book-Running Managers
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Credit Suisse | | J.P. Morgan | | Goldman Sachs & Co. LLC |
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BofA Securities | | Citigroup | | Mizuho Securities | | MUFG | | SMBC Nikko |
Senior Co-Managers
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Barclays | | BNP PARIBAS | | HSBC | | Santander |
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SOCIETE GENERALE | | Standard Chartered Bank | | TD Securities | | Wells Fargo Securities |
Co-Managers
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BBVA | | Credit Agricole CIB | | Morgan Stanley | | Rabo Securities | | Scotiabank | | US Bancorp |
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Citizens Capital Markets | | Deutsche Bank Securities | | ING | | Ramirez & Co., Inc. | | Siebert Williams Shank | | Westpac Capital Markets LLC |
The date of this prospectus supplement is May 13, 2020.