WASHINGTON (dpa-AFX) - DuPont de Nemours, Inc. (DD) and Qnity Electronics, Inc., DuPont's electronics business, Monday said Qnity intends to offer $1.5 billion of senior secured notes due 2032, and $1 billion of senior notes due 2033.
These notes are being issued in connection with DuPont's previously announced plan to separate its electronics business through a pro rata distribution of Qnity stock to stockholders of DuPont.
The gross proceeds of the offering will be held in escrow and released in connection with the completion of the spin-off, which is expected on November 1, 2025. Qnity intends to use the proceeds from the offering for cash distribution to DuPont plus the pre-funded interest deposit in connection with the issuance of notes.
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