S&P rates DowDuPont notes, loans A-

S&P said it assigned its A- issue-level ratings to DowDuPont Inc.'s proposed unsecured debt, including $12.7 billion in notes (various maturities), $3 billion in term loans and a $3 billion revolving credit facility.

DowDuPont is issuing this debt in advance of its planned spinoffs of Corteva Inc. and the Dow Chemical Co. targeted for the first half of 2019. DowDupont will become a stand-alone company renamed DuPont Inc. at the close of these transactions.

The company announced that proceeds will be used to reduce outstanding liabilities at Dow and Corteva, to repurchase up to $3 billion of DowDuPont's common stock and to pay premiums, fees and expenses.

The A- issuer credit rating and stable outlook on DowDuPont are unchanged, S&P said.

© 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.