BBVA Provides $3.5 Billion Financing to Support Corteva’s Separation of Vylor

BBVA has provided a $3.5 billion bilateral financing to Pioneer Hi-Bred International, Inc. (PHI) to support the separation of Corteva, Inc.’s (Corteva) advanced seed and genetics business into Vylor Inc. (Vylor). PHI, which became a subsidiary of Vylor in connection with the separation, entered into the facility with BBVA’s New York Branch on August 26, 2026, with BBVA serving as sole lender.

Vylor launched on October 1, 2026, with a leading global seed platform, strong positions across key crops and geographies, and an extensive intellectual property portfolio that includes more than 4,000 germplasm patents and more than 2,000 biotechnology patents.

The facility was structured to provide flexibility as Corteva moved through the separation process, and served as a bridge to Vylor’s five-year and 364-day revolving credit facilities.

"This is an important moment for Corteva, and we were pleased to support the company as it moved forward with the separation of Vylor," said Vibhu Juneja, Managing Director, Coverage at BBVA CIB. "The transaction reflects the depth of our relationship and the trust we have built over time. Being able to provide meaningful financing at a pivotal point in a client’s strategy is exactly the kind of partnership we want to deliver."

"Given the size of the commitment and the timeline around the separation, certainty and flexibility were both critical," said Cara Younger, Managing Director, U.S. Corporate Lending at BBVA CIB. "We worked closely with Corteva to structure a bilateral solution that provided access to liquidity when it was needed and aligns the financing directly with the transaction."

For BBVA, the financing also underscores the growing role of its U.S. Corporate & Investment Banking franchise in supporting large corporates through complex and strategically important transactions. The bank has continued to expand its capabilities in the United States with a focus on building deeper relationships with clients and delivering financing solutions where it can provide differentiated value.

"From a credit perspective, separation financing requires discipline across three dimensions: understanding the strategic rationale, modeling the capital structure outcome, and assessing each entity's standalone credit quality," said Pablo González León, Chief Risk Officer USA at BBVA CIB. "We're confident in Corteva's execution on all three fronts. Vylor enters the market with a strong IP portfolio and positioned leadership in seed genetics, factors that supported our underwriting. The $3.5 billion financing provided Corteva with the financial flexibility to execute the strategic separation while ensuring both entities maintain strong financial profiles."