DuPont, Qnity price $1.75bln in senior secured and unsecured notes.

DuPont de Nemours and Qnity Electronics have announced the pricing of $1.0 billion of 5.750% senior secured notes due 2032 and $750.0 million of 6.250% senior notes due 2033. The notes are the obligation solely of Qnity Electronics as the issuer, following DuPont's intended spin-off of its electronics business.

DuPont de Nemours, Inc. (NYSE: DD) and Qnity Electronics, Inc., DuPont's electronics business, have announced the pricing of $1.0 billion of 5.750% senior secured notes due 2032 and $750.0 million of 6.250% senior notes due 2033. The notes are the obligation solely of Qnity Electronics as the issuer, following DuPont's intended spin-off of its electronics business [1].

The gross proceeds from the offering will be held in escrow and released upon the completion of the spin-off, which is targeted for November 1, 2025. Qnity Electronics intends to use the net proceeds from the offering, along with borrowings under its new senior secured credit facilities and cash on hand, to finance the payment of a cash distribution to DuPont plus the pre-funded interest deposit in connection with the issuance of notes [1].

Upon the consummation of the spin-off, the senior secured notes will be secured by first priority liens on substantially the same collateral that secures Qnity's obligations under its planned senior secured credit facilities, while the senior notes will not be secured by any collateral [1].

The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. Each series of notes and the related guarantees have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements [1].

References:
[1] https://www.investors.dupont.com/news-and-media/press-release-details/2025/DUPONT-DE-NEMOURS-INC--AND-QNITY-ELECTRONICS-INC--ANNOUNCE-OFFERING-OF-SENIOR-SECURED-NOTES-AND-SENIOR-NOTES/default.aspx