DowDuPont to price $12 billion of bonds following investor calls in Nov. 12 week

By Cristal Cody

Tupelo, Miss., Nov. 9 – DowDuPont Inc. (Baa1/A-/BBB+) intends to price $12 billion of bonds in multiple tranches following fixed income investor calls in the week ahead, according to a market source.

The company will hold investor calls on Tuesday.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the arrangers.

DowDuPont is the holding company for Dow Chemicals Co. and Corteva Inc., with both expected to be spun off in April 2019 and June 2019, according to a Moody’s Investors Service ratings release.

Proceeds from the debt offering will be used to contribute about $10 billion in cash to Corteva and about $2 billion in cash to Dow Chemicals to help the subsidiaries reach their target debt levels, according to a Fitch Ratings report.

Midland, Mich.-based DowDuPont is expected to become a stand-alone company following the spinoffs and be renamed DuPont Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.