CTVA · 10-Q · 2026Q4 · Full report
Outstanding Indebtedness
Corteva, Inc. · 2026-11-12 · Importance 34 · Surprise 42 · From source text
On October 1, 2026, Vylor completed exchange offers in which $1.439 billion aggregate principal amount of EIDP Notes was exchanged for Vylor Notes and ceased to be Corteva debt obligations. At September 30, 2026, Corteva reported $7.65 billion of committed credit facilities, of which $7.05 billion was available. Corteva’s facilities included a $2.85 billion revolving credit facility maturing in August 2031 and a $1.25 billion 364-day facility that was repaid and terminated on October 1, 2026. Vylor’s facilities included $3.0 billion and $1.5 billion revolving credit facilities and a $2.75 billion delayed draw term facility; Vylor borrowed $1.578 billion and $1.5 billion under the revolving facilities on October 1 to repay PHI Bilateral Facility borrowings.
Key facts
- In August 2026, Corteva refinanced its five-year revolving credit facility at $2.85 billion, extending maturity to August 2031 and decreasing the facility amount to $2.0 billion upon consummation of the Vylor Separation on October 1, 2026. source
- Corteva’s long-term debt totaled $3,458 million at September 30, 2026, compared with $1,686 million at December 31, 2025 and $1,688 million at September 30, 2025. source
- Corteva’s fair value of long-term borrowings, including debt due within one year, was $3,315 million at September 30, 2026, $2,462 million at December 31, 2025, and $2,469 million at September 30, 2025. source
- In February 2026, Corteva increased its 364-day revolving credit facility from $750 million to $1.25 billion and extended its expiration to February 2027. source
- Corteva issued $700 million of 6.000% senior notes due August 2036 in September 2026; proceeds were intended for general corporate purposes, including repayment of commercial paper borrowings. source
- Total debt was $7,446 million at September 30, 2026, compared with $2,580 million at December 31, 2025 and $4,373 million at September 30, 2025. source
- Corteva drew $600 million under its 364-day revolving credit facility in May 2026 to repay $600 million of senior notes that matured that month. source
- Corteva entered into a $1 billion delayed draw term facility in August 2026, intended as a backstop to the Corteva 2036 Notes; its remaining capacity was voluntarily and permanently reduced on September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -11.3% | Total debt was $7,446 million at September 30, 2026, compared with $2,580 million at December 31, 2025 and $4,373 million at September 30,… |
| liability | negative | realized | -4.1% | Corteva’s long-term debt totaled $3,458 million at September 30, 2026, compared with $1,686 million at December 31, 2025 and $1,688… |