Daily News: December 14, 2018

JPMorgan Chase Agents $12B Credit Facilities for DowDuPont


JPMorgan Chase Bank acted as administrative agent and lead arranger on $12 billion in credit facilities for DowDuPont and its soon-to-be-spun-off subsidiary Corteva.

The facilities consisted of a $3 billion, five-year revolving credit facility, a $3 billion, three-year revolving credit facility, a $3 billion revolving credit facility and a $3 billion term loan facility.

The transaction comes about in connection with DowDuPont’s announced separation into three public companies: Corteva, Dow and DuPont, each specializing in agricultural science, materials science and specialty products, respectively.

DowDuPont expects the Corteva separation to be successfully completed by June 1, 2019.

Cravath represented JPMorgan Chase on the transaction.