DuPont Moves Closer to Buying Back Debt After Bond Exchange
The DuPont headquarters office in Wilmington, Delaware.
Photographer: Scott Serio/Bloomberg
DuPont de Nemours Inc. said its bondholders agreed to swap enough of its bonds due in 2028 to change terms on the debt, taking the conglomerate a step closer to cutting its debt load by more than $2 billion as it spins off a company.
About 70% of holders of the company’s 4.725% notes due 2028 agreed to exchange their notes for new securities, amounting to about $1.58 billion of bonds, the company said on Wednesday. That was enough participation to allow the company to remove some investor protections on the bonds that weren’t exchanged.