The debut high-yield notes are being offering in connection with the intended spinoff of Qnity

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A / Regulation S offering of $1 billion aggregate principal amount of 5.750% senior secured notes due 2032 and $750 million aggregate principal amount of 6.250% senior notes due 2033 by Qnity Electronics, Inc., a wholly owned subsidiary of DuPont de Nemours, Inc.

Upon satisfaction of certain escrow conditions related to the previously announced potential spinoff of Qnity from DuPont, the proceeds of the notes will be used to fund a portion of a cash distribution to DuPont and pay fees and expenses incurred in connection with this offering.

Qnity, DuPont’s electronics business, is a premier technology solutions provider across the semiconductor value chain, empowering AI, high performance computing, and advanced connectivity. From solutions for semiconductor chip manufacturing to enabling high-speed transmission within complex electronic systems, their high-performance materials and integration expertise make tomorrow’s technologies possible.

The Davis Polk capital markets team included partners Pedro J. Bermeo and Byron B. Rooney, counsel Claudia Carvajal Lopez and associate Ryan Mainous. The finance team included partners Meyer C. Dworkin and Christopher Nairn-Kim, counsel Anthony Pitruzzello and associate Duan Xu. The tax team included partner Kara L. Mungovan and associate Hunter P. Shaw. All members of the Davis Polk team are based in the New York office.

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