DuPont’s electronics spinoff Qnity prices $4.1B debt deal ahead of November split

DuPont de Nemours (NYSE:DD [https://seekingalpha.com/symbol/DD]) lined up $4.1 billion in financing for its soon-to-be independent electronics business, Qnity Electronics, to fund a cash payout to its parent company as part of the planned separation.

The financing includes a $2.35 billion leveraged loan priced at 2 percentage points above the benchmark rate and sold at 99.75 cents on the dollar. Qnity also issued $1 billion in secured bonds at a 5.75% yield and $750 million in unsecured bonds at 6.25%. While the bond portion was $750 million smaller than early discussions suggested, the loan size increased by the same amount.

Proceeds will go toward a $4.1 billion distribution to DuPont (NYSE:DD [https://seekingalpha.com/symbol/DD]). The spinoff is scheduled to be completed in November, with current DuPont electronics chief Jon Kemp set to lead the new public company.

As part of its wider portfolio reshaping, DuPont (DD [https://seekingalpha.com/symbol/DD]) is also weighing the sale of its Nomex and Kevlar brands. The company had explored selling its water unit but decided not to proceed despite receiving offers.

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