IFF Prices $3.55B Senior Notes Offering

TL;DR

IFF just raised $3.55B via new notes to help pay for the DuPont N&B deal.

AI Summary

International Flavors & Fragrances Inc. (IFF) announced on March 19, 2024, that it has priced a public offering of $1.750 billion aggregate principal amount of its 1.750% Senior Notes due 2024 and $1.800 billion aggregate principal amount of its 1.800% Senior Notes due 2026. The company intends to use the net proceeds from the offering to fund a portion of the cash consideration payable in connection with its pending acquisition of DuPont's Nutrition & Biosciences business.

Why It Matters

This offering is a significant step in IFF's financing strategy for its major acquisition, impacting its capital structure and future financial obligations.

Risk Assessment

Risk Level: medium — The company is undertaking a large acquisition financed by significant debt, which introduces financial risk.

Key Numbers

• $1.750B — Senior Notes due 2024 (Part of a larger debt offering to fund acquisition)
• $1.800B — Senior Notes due 2026 (Part of a larger debt offering to fund acquisition)
• $3.55B — Total Senior Notes Offering (Aggregate principal amount raised to finance acquisition)

Key Players & Entities

• International Flavors & Fragrances Inc. (company) — Registrant
• DuPont (company) — Acquisition Target
• $1.750 billion (dollar_amount) — Senior Notes due 2024
• $1.800 billion (dollar_amount) — Senior Notes due 2026
• March 19, 2024 (date) — Pricing Date

FAQ

Filing Documents

• d762016d8k.htm (8-K) — 30KB
• d762016dex991.htm (EX-99.1) — 6KB
• 0001193125-24-070723.txt ( ) — 206KB
• iff-20240319.xsd (EX-101.SCH) — 3KB
• iff-20240319_def.xml (EX-101.DEF) — 15KB
• iff-20240319_lab.xml (EX-101.LAB) — 24KB
• iff-20240319_pre.xml (EX-101.PRE) — 15KB
• d762016d8k_htm.xml (XML) — 8KB

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release, dated March 19, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Cautionary Statement under the Private Securities Litigation Reform Act of 1995 This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the transaction and the expected timetable for completing the transaction. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 19, 2024 INTERNATIONAL FLAVORS & FRAGRANCES INC. By: /s/ Glenn Richter Name: Glenn Richter Title: Chief Financial and Business Transformation Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR