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DuPont: Will She? Well, She Just Did A Portion
Andrew Brady - Head of Basics
Jarah Cotton - Associate Analyst, Chemicals
EXECUTIVE SUMMARY
- DuPont, rated Baa1/BBB+/BBB+, is evaluating its capital structure post-planned spin-off, with $7.8 bn in senior notes due between 2025 and 2048; a $650 mn redemption of the 2038 notes has been initiated. The market is currently speculating as to whether DuPont will recapitalize its entire debt structure, as indicated by Fitch’s “base-case” and potentially corroborated by another agency in discussions with investors.
- Despite DuPont potentially having no legal compulsion for make-whole payments as it contemplates potential capital structures for its future spin companies, there’s a growing expectation that DuPont will choose to do so at its own volition. Our quick take on the recommendation is to maintain our Market perform rating, but we are shading to the long-side until we have further clarity on management’s intentions.
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