DuPont Board Approves $5.0 Bln Share Repurchase - Quick Facts

(RTTNews) - DuPont (DD) said its Board approved a new share repurchase program authorizing the repurchase and retirement of up to $5 billion of common stock. This new repurchase authorization is in addition to the $250 million remaining under the existing share repurchase program which was approved in February 2022.

The company plans to enter accelerated share repurchase agreements imminently, for the repurchase of an aggregate of approximately $3.25 billion of common stock with $250 million of such repurchases under the existing program and the remaining $3 billion under the new program. The new repurchase program terminates on June 30, 2024.

The company also announced its intent to retire $2.5 billion of Senior Notes due in November 2023 during the fourth quarter of 2022. This will enable approximately $100 million of annual interest savings.

In the fourth quarter, the company plans to reduce commercial paper balance to zero. As of September 30, 2022, the company had $1.3 billion of commercial paper outstanding.