Corteva Announces Final Results for Senior Notes Exchange Offers Ahead of Separation

Overview of the Filing

On October 1, 2026, Corteva, Inc. (NYSE: CTVA) and its wholly owned subsidiary EIDP, Inc. filed a Current Report on Form 8-K under Item 8.01 (Other Events) announcing the expiration and final results of private exchange offers and consent solicitations conducted by Vylor Inc., a wholly owned subsidiary of Corteva.

Key Transaction & Debt Restructuring Details

The exchange offers and consent solicitations relate to three series of senior notes issued by EIDP, Inc. to be exchanged for newly issued notes by Vylor Inc. in connection with Corteva's planned separation into two independent, publicly traded entities:

1. Current Crop Protection Business
2. Current Seed Business (to be owned and operated directly or indirectly by Vylor Inc.)

Results as of the Expiration Date (September 30, 2026 at 5:00 p.m. NYC Time):

• 2.300% Senior Notes due 2030 ($500,000,000 outstanding):
  • Validly tendered: $434,841,000 (86.97%)
• 5.125% Senior Notes due 2032 ($500,000,000 outstanding):
  • Validly tendered: $476,214,000 (95.24%)
• 4.800% Senior Notes due 2033 ($600,000,000 outstanding):
  • Validly tendered: $527,584,000 (87.93%)

Conditions and Settlement

• Other than the formal consummation of the Separation, all conditions precedent to the exchange offers and consent solicitations have been met.
• Settlement is scheduled to take place substantially simultaneously with the consummation of the Separation, anticipated on or about October 1, 2026.
• Eligible holders who tendered by the Early Tender Deadline receive equal principal amount of corresponding Vylor Notes plus cash consideration (approx. $2.67 to $2.90 per $1,000 principal amount) and accrued unpaid interest.

Market and Strategic Implications

This debt exchange successfully migrates the vast majority (87% to 95%) of EIDP's outstanding senior unsecured maturities to Vylor Inc., establishing the debt capital structure required for the independent seed business post-spin-off. The high participation rate mitigates stub-debt friction and signals strong creditor support for the planned separation.