DuPont: Will She? Well, She Just Did A Portion

Andrew Brady - Head of Basics
Jarah Cotton - Associate Analyst, Chemicals

  • 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.
Would you like access to the full report?
Receive a complimentary copy of DuPont: Will She? Well, She Just Did A Portion

Our Products

CreditSights combines credit market research, covenant analysis and leveraged finance news into one site to help you Know More. Risk Better.

Markets Served

We’re proud to be the trusted resource for these credit research consumers:


From mutual funds, pensions and hedge funds to the world’s largest insurers, managers at these institutions are guided by our credit research


Financial intermediaries-the world’s broker-dealers, market makers and liquidity providers-rely on our credit insights each day


Brokers, financial advisors and private wealth managers entrusted with their clients’ assets leverage our intellectual capital when it comes to the credit markets