DowDuPont plans to price fixed-rate notes, floaters in eight parts

By Devika Patel

Knoxville, Tenn., Nov. 13 – DowDuPont Inc. intends to offer notes in eight parts, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in six fixed-rate tranches and two floating-rate tranches, with one of the fixed-rate and one of the floating-rate tranches due in 2020, one of the fixed-rate and one of the floating-rate tranches due in 2023 and fixed-rate tranches due in 2025, 2028, 2038 and 2048.

The 2020 fixed-rate notes have a make-whole call. The 2023, 2025, 2028, 2038 and 2048 fixed-rate notes feature a make-whole call and then a par call.

The floaters will be non-callable.

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

Proceeds will be used, along with borrowings under the company’s term loan facilities, to reduce liabilities by $12,124,000,000 and repurchase $3 billion of common stock under a share repurchase program.

DowDuPont is a Wilmington, Del., company focused on agriculture, materials science and specialty products. The company was formed after the merger of Dow Chemical and DuPont on Aug. 31, 2017.

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