Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC Announce Cash Tender Offer for up to a Maximum Tender Payment of $500,000,000 of Debt Securities of E. I. du Pont de Nemours and Company

NEW YORK, April 13, 2015 /PRNewswire/ -- Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC (the "Purchasers") today announced that they have commenced cash tender offers (each offer a "Tender Offer" and collectively, the "Tender Offers") to purchase a portion of the outstanding debt securities of E. I. du Pont de Nemours and Company ("DuPont") set forth in the table below (collectively, the "Notes" and each a "series" of Notes), up to a maximum aggregate purchase price (excluding accrued and unpaid interest) of $500,000,000 (the "Maximum Tender Payment"), subject to the acceptance priority levels set forth in table below (the "Acceptance Priority Levels"), on the terms and conditions set forth in the Offer to Purchase dated April 13, 2015 and a related Letter of Transmittal dated April 13, 2015 (together, the "Tender Offer Materials").

(1)   Per $1,000 principal amount of Notes.

The Tender Offer for each series will expire at 11:59 p.m., New York City time, on May 8, 2015, unless extended (such date and time as it may be extended, the "Expiration Date").

Holders must validly tender and not withdraw Notes by 5:00 p.m., New York City time, on April 24, 2015, unless extended (such date and time as it may be extended, the "Early Tender Date"), to be eligible to receive the applicable Total Consideration for Notes of that series (which includes the applicable Early Tender Premium as set forth in the table above).  Holders who validly tender Notes after the Early Tender Date and on or prior to the Expiration Date will be eligible to receive the Tender Offer Consideration for Notes of that series (which is equal to the Total Consideration minus the applicable Early Tender Premium).

The applicable total consideration for each series will be determined as described in the Tender Offer Materials based on the present value of future payments on the applicable Notes discounted at a rate equal to the sum of the applicable fixed spread and the yield based on the bid-side price of the applicable reference security as calculated by the Purchasers at 2:00 p.m., New York City time, on the price determination date, which is currently expected to be April 27, 2015.

In addition, the Purchasers will pay accrued and unpaid interest to, but excluding, the applicable Settlement Date.

The Purchasers reserve the right, but are under no obligation, at any point following the Early Tender Date and before the Expiration Date, to accept for purchase any Notes validly tendered at or prior to the Early Tender Date (the "Early Settlement Date").  The Early Settlement Date will be determined at the Purchasers' option and is currently expected to occur on April 28, 2015, subject to all conditions to the Tender Offers having been satisfied or waived by the Purchasers.  Irrespective of whether the Purchasers choose to exercise their option to have an Early Settlement Date, the Purchasers will purchase any remaining Notes that have been validly tendered by the Expiration Date, subject to the Maximum Tender Payment, the application of the Acceptance Priority Levels and all conditions to the Tender Offers having been satisfied or waived by the Purchasers, on a date following the Expiration Date (the "Final Settlement Date" and each of the Early Settlement Date and Final Settlement Date, a "Settlement Date").  The Final Settlement Date is expected to occur promptly following the Expiration Date, subject to all conditions to the Tender Offers having been satisfied or waived by the Purchasers.  The expected Final Settlement Date is May 11, 2015, unless extended by the Purchasers, assuming all conditions to the Tender Offers have been satisfied or waived by the Purchasers.

The amounts of each series of Notes that are purchased on any Settlement Date will be determined in accordance with the Acceptance Priority Levels as described in the Tender Offer Materials, with 1 being the highest Acceptance Priority Level and 5 being the lowest Acceptance Priority Level.  Each Purchaser will purchase 50% of the Notes of each Acceptance Priority Level purchased pursuant to the Tender Offers.  All Notes validly tendered and not validly withdrawn on or before the Early Tender Date having a higher Acceptance Priority Level will be accepted before any Notes tendered on or before the Early Tender Date having a lower Acceptance Priority Level are accepted pursuant to the Tender Offers, and all Notes validly tendered after the Early Tender Date having a higher Acceptance Priority Level will be accepted before any Notes tendered after the Early Tender Date having a lower Acceptance Priority Level are accepted pursuant to the Tender Offers.  However, Notes validly tendered and not validly withdrawn on or before the Early Tender Date will be accepted for purchase in priority to other Notes tendered after the Early Tender Date, even if such Notes tendered after the Early Tender Date have a higher Acceptance Priority Level than Notes tendered on or before the Early Tender Date.

In addition, the Purchasers will only accept for purchase, based on the Acceptance Priority Levels, as many of the Notes as can be purchased with cash up to the Maximum Tender Payment.  If purchasing all of the tendered Notes of a series of an applicable Acceptance Priority Level on any Settlement Date would cause the Maximum Tender Payment to be exceeded, the amount of that series of Notes purchased on that Settlement Date will be prorated based on the aggregate principal amount of that series of Notes tendered in respect of that Settlement Date, such that the Maximum Tender Payment will not be exceeded.  Furthermore, if the Tender Offers are fully subscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date will not have any such Notes accepted for payment regardless of the Acceptance Priority Level of such Notes.

Withdrawal rights for each Tender Offer will expire at 5:00 p.m. New York City time, on April 24, 2015, unless extended or as otherwise required by law.

Requests for documents and questions regarding the procedures for tendering of Notes may be directed to D.F. King & Co., Inc. (the Tender Agent and Information Agent) at (800) 283-2170 (toll-free) or (212) 269-5550 (collect).  Questions regarding the terms of the Tender Offers may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-1862 (collect) and J.P. Morgan Securities LLC at (800) 245-8812 (toll-free) or (212) 270-1200 (collect).

This press release does not constitute an offer to purchase, a solicitation of an offer to purchase or a solicitation of an offer to sell securities.  The Purchasers are making the Tender Offers only by, and pursuant to the terms of, the Tender Offer Materials.  The complete terms and conditions of the Tender Offers are set forth in the Tender Offer Materials.

Holders of Notes are urged to carefully read the Tender Offer Materials before making any decision with respect to the Tender Offers.  None of DuPont, the Purchasers, the Tender Agent, the Information Agent or the trustee with respect to the Notes is making any recommendation as to whether holders should tender Notes in response to the Tender Offers.  Holders of Notes must make their own decisions as to whether to tender their Notes and, if they decide to do so, the principal amount of Notes to tender.

Contact:
Tom Long, D.F. King & Co., Inc., 212-269-5550, [email protected]

SOURCE D.F. King & Co., Inc.