sv3
As filed with the Securities and Exchange Commission on
May 6, 2005
Registration
No. 333
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
E. I. du Pont de Nemours and Company
(Exact name of Registrant as specified in its charter)
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Delaware
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51-0014090 |
(State of Incorporation)
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(I.R.S. Employer Identification No.) |
1007 Market Street
Wilmington, Delaware 19898
(302) 774-1000
(Address and telephone number of Registrants principal
executive offices)
John P. Jessup, Vice President and Treasurer
E. I. du Pont de Nemours and Company
1007 Market Street
Wilmington, Delaware 19898
(302) 774-1000
(Name, address and telephone number of agent for service)
Copy to:
John W. White
Cravath, Swaine & Moore LLP
825 Eighth Avenue
New York, NY 10019
Tel.: (212) 474-1000
Approximate date of commencement of proposed sale to the
public: From time to time after the effective date of this
registration statement.
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans,
please check the following
box. o
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest
reinvestment plans, please check the following
box. x
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act
registration statement number of the earlier effective
registration statement for the same
offering. o
If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering. o
If delivery of the prospectus is expected to be made pursuant to
Rule 434, please check the following
box. x
CALCULATION OF REGISTRATION FEE
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Proposed |
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Proposed |
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maximum |
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maximum |
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Title of each class of securities to |
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Amount to be |
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offering price |
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aggregate |
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Amount of |
be registered |
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registered |
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per Unit* |
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offering price** |
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registration fee |
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debt securities
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$3,000,000,000 |
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100% |
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$3,000,000,000 |
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$353,100 |
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* |
Estimated solely for the purpose of determining the registration
fee. |
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** |
Plus an additional principal amount of debt securities issued
with an original issue discount such that the aggregate initial
public offering price of all debt securities will not exceed
$3,000,000,000 (the initial public offering price of any debt
securities denominated in any foreign currency or currency unit
shall be the U.S. dollar equivalent thereof.) |
The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section 8(a)
of the Securities Act of 1933 or until this Registration
Statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.
SUBJECT TO COMPLETION DATED MAY 6, 2005
E. I. du Pont de Nemours
and Company
1007 Market Street
Wilmington, Delaware 19898
(302) 774-1000
$3,000,000,000
debt securities
We will provide the specific terms of the securities in
supplements to this prospectus. You should read this prospectus
and any supplement carefully before you invest.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined whether this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.
The date of this prospectus is May 6, 2005
TABLE OF CONTENTS
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About This Prospectus
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1 |
Where You Can Find More Information
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Forward-Looking Information
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About DuPont
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Use Of Proceeds
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Ratio Of Earnings To Fixed Charges
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Description of Debt Securities
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Plan of Distribution
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Legal Opinion
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12 |
Experts
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have
filed with the Securities and Exchange Commission using a
shelf registration process. Using this process, we
may offer the securities described in this prospectus in one or
more offerings with a total initial offering price of up to
$3,000,000,000. This prospectus provides you with a general
description of the securities we may offer. Each time we offer
securities, we will provide a supplement to this prospectus. The
prospectus supplement will describe the specific terms of that
offering. The prospectus supplement may also add, update or
change the information contained in this prospectus. Please
carefully read this prospectus and the prospectus supplement, in
addition to the information contained in the documents we refer
you to under the heading Where You Can Find More
Information.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports, proxy statements
and other information with the SEC. You can read and copy any
materials we file with the SEC at the SECs Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C.
20549. You can obtain information about the operation of the
SECs Public Reference Room by calling the SEC at
1-800-SEC-0330. The SEC also maintains a web site that contains
information we file electronically with the SEC, which you can
access over the internet at http://www.sec.gov. You can obtain
information about us at the offices of the New York Stock
Exchange, 20 Broad Street, New York, New York 10005.
This prospectus is part of a registration statement we have
filed with the SEC relating to the debt securities. As permitted
by SEC rules, this prospectus does not contain all of the
information we have included in the registration statement and
the accompanying exhibits and schedules we file with the SEC.
You may refer to the registration statement, the exhibits and
schedules for more information about us and the debt securities.
The registration statement, exhibits and schedules are available
at the SECs Public Reference Room or through its web site.
The SEC allows us to incorporate by reference the
information we file with them, which means that we can disclose
important information to you by referring you to those
documents. The information we incorporate by reference is an
important part of this prospectus, and later information that we
file with the SEC will automatically update and supersede this
information. We incorporate by reference the documents listed
below, and any future filings we make with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 until we sell all the debt securities. The
documents we incorporate by reference are:
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our annual report on Form 10-K for the year ended
December 31, 2004; |
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our quarterly report on Form 10-Q for the quarter ended
March 31, 2005; and |
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our current report(s) on Form 8-K as filed with the SEC on
January 4, 2005, January 19, 2005, February 1,
2005, February 8, 2005, May 4, 2005 and May 5,
2005. |
You may request a copy of these filings (other than an exhibit
to these filings unless we have specifically incorporated that
exhibit by reference into the filing), at no cost, by writing or
telephoning us at the following address:
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DuPont Company |
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1007 Market Street |
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Wilmington, DE 19898 |
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Attention: Treasury |
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Telephone: (302) 774-1000 |
You should rely only on the information we have provided or
incorporated by reference in this prospectus, any prospectus
supplement or any incorporated document. We have not authorized
anyone to provide you with different information. You should not
assume that the information in this prospectus, any prospectus
supplement, or any incorporated document is accurate as of any
date other than the date on its cover.
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FORWARD-LOOKING INFORMATION
This prospectus and the information incorporated by reference
contains forward-looking statements which may be identified by
their use of words like plans, expects,
will, anticipates, intends,
projects, estimates or other words of
similar meaning. All statements that address expectations or
projections about the future, including statements about our
strategy for growth, product development, market position,
expenditures, and financial results, are forward-looking
statements.
Forward-looking statements are based on certain assumptions and
expectations of future events. We cannot guarantee that these
assumptions and expectations are accurate or will be realized.
In addition, the following are some of the important factors
that could cause our actual results to differ materially from
those projected in any forward-looking statements:
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Since DuPont conducts business throughout the world,
governmental and quasi-governmental activities, including
changes in the laws or policies of any country in which the
company operates, could affect our business and profitability in
that country. Also, our business and profitability in a
particular country could be affected by political or economic
repercussions on a domestic, country specific or global level
from acts of terrorism or war (whether or not declared) and the
response to such activities. In addition, economic factors
(including cyclical economic growth, particularly in the United
States, Europe and Asia Pacific, inflation or fluctuations in
interest and currency exchange rates) and competitive factors
(such as greater price competition or expiration of patent
protection) could affect our financial results. |
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DuPonts growth objectives are largely dependent on its
ability to renew its pipeline of new products and services and
to bring those products and services to market. This ability may
be adversely affected by difficulties or delays in product
development such as the inability to: identify viable new
products; successfully complete research and development; obtain
relevant regulatory approvals; obtain adequate intellectual
property protection; or gain market acceptance of the new
products and services. |
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DuPonts ability to grow earnings is significantly affected
by cost of energy and energy-related raw materials. We may not
be able to fully offset the effects of higher raw material costs
through price increases or productivity improvements. |
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As part of its strategy for growth, DuPont has made and may
continue to make acquisitions and divestitures and form
strategic alliances. There can be no assurance that these will
be completed or beneficial to DuPont. |
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To a significant degree, results in Agriculture &
Nutrition reflect changes in agricultural conditions, including
weather and government programs. These results also reflect the
seasonality of sales of agricultural products; highest sales in
the Northern Hemisphere occur in the first half of the year. In
addition, demand for products produced in this segment may be
affected by market acceptance of genetically enhanced products. |
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DuPont has undertaken and may continue to undertake productivity
initiatives, including cost reduction programs, organizational
restructurings and Six Sigma productivity improvement projects,
to improve performance and generate cost savings. There can be
no assurance that these will be completed or beneficial to
DuPont. Also, there can be no assurance that any estimated cost
savings from such activities will be realized. |
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DuPonts facilities are subject to a broad array of
environmental laws and regulations. The costs of complying with
complex environmental laws and regulations, as well as internal
voluntary programs, are significant and will continue to be so
for the foreseeable future. DuPonts accruals for such
costs and liabilities may not be adequate since the estimates on
which the accruals are based depend on a number of factors
including the nature of the allegation, the complexity of the
site, the nature of |
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the remedy, the outcome of discussions with regulatory agencies
and other potentially responsible parties (PRPs) at multi-party
sites, and the number and financial viability of other PRPs. |
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DuPonts results of operations could be affected by
significant litigation adverse to DuPont, including product
liability claims, patent infringement claims and antitrust
claims. |
The foregoing list of important factors is not inclusive, or
necessarily in order of importance.
ABOUT DUPONT
We were founded in 1802 and incorporated in Delaware in 1915. We
have been in continuous operation for over 200 years. Our
principal offices are at 1007 Market Street in Wilmington,
Delaware.
We are a world leader in science and technology in a range of
disciplines including biotechnology, electronics, materials
science, safety and security and synthetic fibers. We operate
globally manufacturing a wide range of products for distribution
and sale to many different markets, including the
transportation, safety and protection, construction, motor
vehicle, agriculture, home furnishings, medical, packaging,
electronics and the nutrition and health markets.
Our operating and financial reporting segments are
Agriculture & Nutrition, Coatings & Color
Technologies, Electronics & Communication Technologies,
Performance Materials, Pharmaceuticals and Safety &
Protection.
USE OF PROCEEDS
Unless we inform you otherwise in a prospectus supplement, we
will use the net proceeds from the sale of the offered
securities for general corporate purposes. These purposes may
include repayment and refinancing of debt, acquisitions, working
capital, capital expenditures and repurchases and redemptions of
securities. Pending any specific application, we may initially
invest funds in short-term marketable securities or apply them
to the reduction of short-term indebtedness.
RATIO OF EARNINGS TO FIXED CHARGES
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Three Months |
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Year Ended December 31, |
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Ended |
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March 31, 2005 |
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2004 |
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2003 |
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2002 |
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2001 |
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2000 |
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Ratio of Earnings to Fixed Charges
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12.2 |
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5.0 |
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2.3 |
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5.5 |
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10.5 |
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4.5 |
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DESCRIPTION OF DEBT SECURITIES
We will issue the debt securities under one of two indentures:
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an indenture dated as of June 1, 1992 between us and
Deutsche Bank (formerly Bankers Trust Company), as trustee; or |
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an indenture dated as of June 1, 1992 between us and
JPMorgan Chase Bank successor to The Chase Manhattan Bank and
Chemical Bank, as trustee. |
Each indenture is incorporated into or filed as an exhibit to
the registration statement, of which this prospectus is a part.
The trustee will be designated in the prospectus supplement for
each offering of debt securities. All references to the
trustee mean the trustee identified in the
prospectus supplement. The following summaries of certain
provisions of the indentures are not complete. We encourage you
to read the indentures.
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General
The indentures do not limit the amount of debt securities that
we may issue. Each provides that debt securities may be issued
up to the aggregate principal amount that we authorize from time
to time. The debt securities will be unsecured and will rank on
a parity with all of our other unsecured and unsubordinated
indebtedness.
The prospectus supplement relating to a series of debt
securities will describe the terms of that series, including,
where applicable:
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the designation, aggregate principal amount, currency or
currencies and denominations of the debt securities; |
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whether the debt securities may be convertible into or
exchangeable for other securities; |
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the price or prices, expressed as a percentage of aggregate
principal amount, at which the debt securities will be issued; |
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the date or dates on which the debt securities will mature; |
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the currency or currencies in which the debt securities are
being sold and in which the principal of and any interest on the
debt securities will be payable and whether the holder of the
debt securities may elect the currency in which payments are to
be made, and, if so, the manner of such election; |
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the rate or rates, which may be fixed or variable, at which the
debt securities will bear interest, if any; |
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the date from which interest on the debt securities will accrue,
the dates on which interest will be payable and the date on
which payment of interest will commence; |
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the dates on which and the price or prices at which the debt
securities will, under any mandatory sinking fund provision, or
may, under any optional redemption or required repayment
provisions, be redeemed or repaid and the other terms and
provisions of any mandatory sinking fund, optional redemption or
required repayment; |
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whether the debt securities are to be issuable as registered
securities, bearer securities or both and the terms upon which
any bearer securities of a series may be exchanged for
registered securities of that series; |
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whether the debt securities are to be issued in whole or in part
in the form of one or more global securities and, if so, the
identity of the depositary or depositaries for the global
security or securities; |
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any special provisions for the payment of additional amounts on
the debt securities; |
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if a temporary global security is to be issued for a series, the
requirements for certification of ownership by non-United States
persons that will apply before (a) the issuance of a
definitive bearer security or (b) the payment of interest
on an interest payment date that occurs before the issuance of a
definitive bearer security; |
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if a temporary global security is to be issued with respect to
the series, the terms upon which interests in the temporary
global security may be exchanged for interests in a definitive
global security or for definitive debt securities of the series
and the terms upon which interests in a definitive global
security, if any, may be exchanged for definitive debt
securities of the series; |
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any additions, modifications or deletions to the restrictive
covenants included for the benefit of holders of the debt
securities; |
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any additions, modifications or deletions to the events of
default provided with respect to the debt securities; |
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if the debt securities of the series are subject to defeasance
at our option, the provisions, Federal income tax consequences
and other considerations applicable thereto; |
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the designated trustee for the debt securities
(Section 301); and |
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any other terms of the debt securities not inconsistent with the
provisions of the applicable indenture. |
Debt securities of a series may be issuable in whole or in part
in the form of one or more global securities, as described below
under Global Securities. Registered securities
denominated in U.S. dollars will ordinarily be issued only in
denominations of $1,000 or any integral multiple of $1,000. One
or more global securities will be issued in a denomination or
aggregate denominations equal to the aggregate principal amount
of outstanding debt securities of the series. The prospectus
supplement relating to a series of debt securities denominated
in a foreign or composite currency will specify the allowable
denominations and any special U.S. Federal income tax and other
considerations. No service charge will be made for any tender or
exchange of debt securities but we may require payment of a sum
sufficient to cover any tax or other governmental charge.
(Sections 302 and 305)
Debt securities may be presented for exchange, and registered
securities that are not in global form may be presented for
transfer, with the form of transfer endorsed thereon duly
executed, at the office of any transfer agent or at the office
of the security registrar, without service charge and upon
payment of any taxes and other governmental charges as described
in the indenture. Transfers or exchanges will be effected once
the transfer agent or the security registrar, as the case may
be, is satisfied with the documents of title and identity of the
person making the request. (Section 305)
Debt securities may be issued under the indenture as original
issue discount securities to be offered and sold at a
substantial discount below their stated principal amount.
Original issue discount securities means any debt
securities that provide for an amount less than their principal
amount to be due and payable upon a declaration of acceleration
of maturity upon the occurrence and continuation of an event of
default and any debt securities issued with original issue
discount for U.S. Federal income tax purposes.
(Section 101) A prospectus supplement will describe
U.S. Federal income tax consequences and other special
considerations applicable to any original issue discount
securities.
Global Securities
The debt securities of a series may be issued in whole or in
part in the form of one or more global securities that will be
deposited with, or on behalf of, a depositary identified in the
prospectus supplement relating to that series. Global securities
may be issued in either registered or bearer form and in either
temporary or definitive form. Unless and until it is exchanged
in whole or in part for debt securities in definitive form, a
global security may not be transferred except as a whole by the
depositary to a nominee of the depositary or by a nominee of the
depositary to the depositary or another nominee of the
depositary or by the depositary or any nominee to a successor of
the depositary or a nominee of that successor.
(Sections 303 and 305)
The specific terms of the depositary arrangement with respect to
any debt securities of a series will be described in the
prospectus supplement relating to that series. We anticipate
that the following provisions will apply to all depositary
arrangements.
Upon the issuance of a global security, the depositary will
credit, on its book-entry registration and transfer system, the
respective principal amounts of the debt securities represented
by the global security to the accounts of
participants that have accounts with the depositary.
The accounts to be credited shall be designated by the
underwriters of debt securities, by certain of our agents or by
us if we sell debt securities directly. Ownership of beneficial
interests in a global security will be limited to participants
or persons that may hold interests through participants.
Ownership of beneficial interests in a global security will be
shown on, and the transfer of that ownership will be effected
only through, records maintained by the depositary or by
participants or persons that hold through participants. The laws
of some states require
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that certain purchasers of securities take physical delivery of
securities in definitive form. These limits and laws may impair
the ability to transfer beneficial interests in a global
security.
So long as the depositary or its nominee is the owner of a
global security, the depositary or its nominee, as the case may
be, will be considered the sole owner or holder of the debt
securities represented by that global security for all purposes
under the indenture. Except as set forth below, owners of
beneficial interests in a global security will not be entitled
to have debt securities of the series represented by that global
security registered in their names, will not receive or be
entitled to receive physical delivery of debt securities in
definitive form and will not be considered the owners or holders
of the debt securities under the indenture governing the debt
securities. Accordingly, each person owning a beneficial
interest in a global security must rely on the procedures of the
depositary and, if such person is not a participant, on the
procedures of the participant and, if applicable, the indirect
participant, through which such person owns its interest, to
exercise any right of a holder under the indenture.
Principal, premium, if any, and interest payments on debt
securities registered in the name of or held by a depositary or
its nominee will be made to the depositary or its nominee, as
the case may be, as the registered owner or the holder of the
global security representing those debt securities. Neither we,
the trustee, any paying agent nor the security registrar will
have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial
ownership interests in a global security or for maintaining,
supervising or reviewing any records relating to beneficial
ownership interests.
We expect that the depositary for debt securities of a series,
upon receipt of any payment of principal, premium or interest in
respect of a definitive global security, will credit immediately
participants accounts with payments in amounts
proportionate to their respective beneficial interests in the
principal amount of the global security as shown on the records
of the depositary. We also expect that payments by participants
to owners of beneficial interests in a global security held
through those participants will be governed by standing
instructions and customary practices, as is now the case with
securities held for the accounts of customers in bearer form or
registered in street name, and will be the
responsibility of those participants.
If a depositary for debt securities of a series is at any time
unwilling or unable to continue as depositary and we do not
appoint a successor depositary within 90 days, we will
issue debt securities of that series in definitive form in
exchange for the global security or securities representing the
debt securities of that series. In addition, we may at any time
and in our sole discretion determine not to have any debt
securities of a series represented by one or more global
securities. In that event, we will issue debt securities of that
series in definitive form in exchange for the global security or
securities representing those debt securities. An owner of a
beneficial interest in a global security representing debt
securities of a series may, on terms acceptable to us and the
depositary for such global security, receive debt securities of
that series in definitive form. In any of these instances, an
owner of a beneficial interest in a global security will be
entitled to physical delivery in definitive form of debt
securities of the series represented by that global security
equal in principal amount to that beneficial interest and to
have debt securities registered in its name if the debt
securities of that series are issuable as registered securities.
Debt securities of that series issued in definitive form will be
issued only in authorized denominations.
Payment and Paying Agents
Payment of principal of and any premium on registered securities
will be made in the designated currency against surrender of any
registered securities at the corporate trust office of the
trustee in New York City. Payment of any installment of interest
on registered securities will ordinarily be made to the person
in whose name the debt security is registered at the close of
business on the regular record date for that interest payment.
Payments of interest will be made at the corporate trust office
of the trustee in New York City or by a check in the designated
currency mailed to each holder at the holders registered
address. (Sections 307 and 1001)
The paying agents outside the United States that we initially
appoint for a series of debt securities will be named in the
prospectus supplement. We may terminate the appointment of any
of the paying
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agents from time to time, except that we will maintain at least
one paying agent in New York City for payments on registered
securities. So long as any series of debt securities is listed
on The International Stock Exchange of the United Kingdom and
the Republic of Ireland Limited or the Luxembourg Stock Exchange
or any other stock exchange located outside the United States
and it is a requirement of that stock exchange, we will maintain
a paying agent in London or Luxembourg or any other required
city located outside the United States, as the case may be, for
that series of debt securities. (Section 1002)
All moneys that we pay to a paying agent for the payment of
principal of or any premium, or interest on any debt security
that remains unclaimed at the end of two years after it became
due and payable will be repaid to us and the holder of that debt
security will thereafter look only to us for payment.
(Section 1003)
Certain Covenants
Liens. We covenant that, so long as any of the debt
securities remain outstanding, we will not, nor will we permit
any Restricted Subsidiary (as defined below, in Definition
of Certain Terms) to issue, assume, or guarantee any debt
for money borrowed if that debt is secured by a mortgage on any
Principal Property (as defined), or on any shares of stock or
indebtedness of any Restricted Subsidiary (whether the Principal
Property, shares of stock, or indebtedness are now owned or
hereafter acquired) without in any such case effectively
providing that the debt securities shall be secured equally and
ratably with such debt. This restriction, however, shall not
apply to:
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mortgages on property, shares of stock, or indebtedness of any
corporation existing at the time such corporation becomes a
Restricted Subsidiary; |
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mortgages on property existing at the time that it is acquired,
or to secure debt incurred for the purpose of financing the
purchase price of such property or improvements or construction
on the property, which debt is incurred prior to, at the time of
or within one year after such acquisition, completion of such
construction, or the commencement of commercial operation of
such property thereon; |
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mortgages securing debt owing by any Restricted Subsidiary to us
or another Restricted Subsidiary; |
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mortgages on property of a corporation existing at the time that
corporation is merged into or consolidated with us or a
Restricted Subsidiary or at the time of a sale, lease or other
disposition of the properties of a corporation as an entirety or
substantially as an entirety to us or a Restricted Subsidiary; |
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mortgages on property of us or a Restricted Subsidiary in favor
of the United States of America or any State thereof, or any
department, agency or instrumentality or political subdivision
of the United States of America or any State thereof or in favor
of any other country, or any political subdivision thereof, to
secure certain payments pursuant to any contract or statute or
to secure any indebtedness incurred for the purpose of financing
all or any part of the purchase price or the cost of
construction of the property subject to such mortgages,
including without limitation mortgages incurred in connection
with pollution control, industrial revenue or similar financings; |
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mortgages existing at the date of the indenture; |
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mortgages on particular property, or any proceeds of the sale of
that property, to secure all or any part of the cost of
exploration, drilling, mining or development of that property,
including construction of facilities for field processing of
minerals, intended to obtain or materially increase the
production and sale or other disposition of oil, gas, coal,
uranium, copper or other minerals of that property, or any
indebtedness created, issued, assumed or guaranteed to provide
funds for any or all such purposes; or |
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any extension, renewal or replacement or successive extensions,
renewals or replacements, in whole or in part, of any mortgage
referred to in the clauses immediately above. |
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Notwithstanding the above, we and one or more of our Restricted
Subsidiaries may, without securing the debt securities, issue,
assume, or guarantee secured debt which would otherwise be
subject to the above restrictions, provided that the aggregate
amount of that debt that would then be outstanding, with certain
exceptions does not at any one time exceed 10% of the
Consolidated Net Tangible Assets (as defined) of us and our
consolidated subsidiaries. (Section 1004) |
For the purposes of this covenant, the following types of
transactions shall not be deemed to create debt secured by a
mortgage: the sale or other transfer of
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oil, gas, coal, uranium, copper or other minerals in place for a
period of time until, or in an amount such that, the purchaser
will realize therefrom a specified amount of money (however
determined) or a specified amount of such minerals; or |
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any other interest in property of the character commonly
referred to as a production payment.
(Section 1004) |
Sale and Leaseback Transactions. Sale and leaseback
transactions by us or any Restricted Subsidiary of any Principal
Property are prohibited unless (a) we or such Restricted
Subsidiary would be entitled to issue, assume, or guarantee debt
secured by the property involved at least equal in amount to the
Attributable Debt (as defined) for that transaction without
equally and ratably securing the debt securities or (b) an
amount equal to the Attributable Debt for that transaction is
applied to the retirement of our nonsubordinated debt or that of
a Restricted Subsidiary, which by its terms matures at or is
extendible or renewable at the option of the obligor to a date
more than twelve months after its creation.
(Section 1005)
Consolidation or Merger. We will not consolidate or merge
with or dispose of all or substantially all of our property to
any corporation unless the surviving corporation, if other than
us, shall assume our obligations under the indenture and under
the debt securities. (Section 801) If on any
consolidation or merger of us or any Restricted Subsidiary with
or into any other corporation, or on any sale, conveyance, or
lease of substantially all our or a Restricted Subsidiarys
properties, any Principal Property or any shares of stock or
indebtedness of any Restricted Subsidiary would then become
subject to any mortgage, pledge, security interest, or other
lien or encumbrance, we, prior to such event, will secure the
debt securities by a direct lien on that Principal Property,
shares of stock or indebtedness, prior to all liens other than
any previously existing. (Section 802)
Except for the limitations on secured debt and sale and
leaseback transactions described above, the indenture and debt
securities do not contain any covenants or other provisions
designed to afford holders of the debt securities protection in
the event of a highly leveraged transaction involving us.
Definition of Certain Terms
Subsidiary is defined to mean any corporation which
is consolidated in our accounts and any corporation of which at
least a majority of the outstanding stock having voting power
under ordinary circumstances to elect a majority of the board of
directors of that corporation shall at the time be owned or
controlled by us or by us and one or more Subsidiaries or by one
or more Subsidiaries. (Section 101)
Restricted Subsidiary is defined to mean any
wholly-owned subsidiary
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substantially all the property of which is located within the
continental United States of America, |
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which owns a Principal Property, and |
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in which our investment exceeds 1% of our consolidated assets as
of the end of the preceding year. |
The term Restricted Subsidiary does not include any
wholly-owned subsidiary which is principally engaged in leasing
or in financing installment receivables or which is principally
engaged in financing our operations outside the continental
United States. (Section 101)
8
Principal Property is defined as any manufacturing
plant or facility or any mineral producing property or any
research facility located within the continental United States
owned by us or any Restricted Subsidiary, unless, in the opinion
of our Board or Directors, such plant facility, property or
research facility is not of material importance to the total
business conducted by us and our Restricted Subsidiaries.
(Section 101)
Attributable Debt is defined as the present value,
discounted as provided in the indenture, of the obligation of a
lessee for rental payments during the remaining term of any
lease. (Section 1005)
Consolidated Net Tangible Assets means the total
amount of assets less applicable reserves and other properly
deductible items after deducting (a) all current
liabilities excluding any thereof which are by their terms
extendible or renewable at the option of the obligor thereon to
a time more than 12 months after the time as of which the
amount thereof is being computed, and (b) all goodwill,
trade names, trademarks, patents, purchased technology,
unamortized debt discount and other like intangible assets, all
as set forth on our most recent quarterly balance sheet and
computed in accordance with generally accepted accounting
principles. (Section 101)
Modification of the Indenture
The indenture permits us and the trustee, with the consent of
the holders of not less than a majority in principal amount of
the debt securities at the time outstanding and affected, to
execute a supplemental indenture modifying the indenture or the
rights of the holders of debt securities and any related
coupons. No modification shall, without the consent of the
holder of each debt security affected thereby,
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change the maturity of any debt security or coupon, or reduce
its principal amount, or reduce the rate or change the time of
payment of interest, or change any place of payment or change
the coin or currency in which a debt security or coupon is
payable or impair the right of any holder to institute suit for
the enforcement of payment in accordance with the foregoing, or |
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reduce the percentage of debt securities, the consent of the
holders of which is required for any modification.
(Section 902) |
The indenture contains provisions for convening meetings of the
holders of debt securities of a series.
(Section 1401) A meeting may be called at any time
by the trustee or upon our request or the request of holders of
at least 10% in principal amount of the outstanding debt
securities of the series, upon notice given in accordance with
the indenture. (Section 1402) Except as limited in
the preceding paragraph, any resolution presented at a meeting
or adjourned meeting at which a quorum is present may be adopted
by the affirmative vote of the holders of not less than a
majority in principal amount of the outstanding debt securities
of that series. Except as limited in the preceding paragraph,
any resolution with respect to any demand, consent, waiver or
other action that may be made, given or taken by the holders of
a specified percentage, which is less than a majority in
principal amount of outstanding debt securities of a series, may
be adopted at a meeting or adjourned meeting at which a quorum
is present by the affirmative vote of the holders of such
specified percentage in principal amount of the outstanding debt
securities of that series. (Section 1403)
Any resolution passed or decision taken at any meeting of
holders of debt securities of any series duly held in accordance
with the indenture will be binding on all holders of debt
securities of that series and the related coupons. The quorum at
any meeting called to adopt a resolution, and at any reconvened
meeting, will be persons holding or representing not less than a
majority in principal amount of the outstanding debt securities
of a series. (Section 1403)
9
Events of Default
The indenture defines an event of default with respect to any
series of debt securities as any one of the following events and
any other event that is established for the debt securities of a
particular series:
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default for 30 days in any payment of interest on the
series; |
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default in any payment of principal and premium, if any, on the
series; |
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default in the payment of any sinking fund installment; |
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default for 60 days after appropriate notice in performance
of any other covenant in the indenture; or |
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certain events involving bankruptcy, insolvency or
reorganization. |
No event of default with respect to a particular series of debt
securities issued under the indenture necessarily constitutes an
event of default with respect to any other series of debt
securities. (Section 501).
We are required to file with the trustee annually an
officers certificate indicating whether we are in default
under the indenture. (Section 1008)
The indenture provides that if an event of default shall occur
and be continuing with respect to any series of debt securities,
either the trustee or the holders of 25% in principal amount of
the debt securities of the series (in the case of defaults under
the final two clauses listed above, the holders of 25% in
principal amount of all the debt securities) then outstanding
may declare the principal, or in the case of original issue
discount securities, that portion of the principal amount as may
be specified, of the debt securities of the series or of all the
debt securities, as the case may be to be due and payable.
(Section 502) In certain cases, the holders of a
majority in principal amount of the outstanding debt securities
of any series or in the case of defaults under the final two
clauses listed above, the holders of a majority in principal
amount of all the debt securities may on behalf of the holders
of all the debt securities of any such series or of all the debt
securities, as the case may be waive any past default or event
of default except a default not previously cured in payment of
the principal of or premium, if any, or interest on any of the
debt securities of such series or of all the debt securities.
(Sections 502 and 513)
The indenture contains a provision entitling the trustee,
subject to the duty of the trustee during default to act with
the required standard of care, to be indemnified by the holders
of the debt securities of any series before exercising any right
or power under the indenture at the request of the holders.
(Section 603) The indenture provides that no holder
of any debt securities of any series may institute any
proceeding, judicial or otherwise, to enforce the indenture
except, among other things, where the trustee has, for
60 days after it is given notice of default, failed to act,
and where there has been both a request to enforce the indenture
by the holders of not less than 25% in aggregate principal
amount of the then outstanding debt securities of that series
and an offer of reasonable indemnity to the trustee.
(Section 507) This provision will not prevent any
holder of debt securities from enforcing payment of the
principal thereof and premium, if any, and interest thereon at
their due dates. (Section 508) The holders of a
majority in aggregate principal amount of the debt securities of
any series then outstanding may direct the time, method and
place of conducting any proceedings for any remedy available to
the trustee or exercising any trust or power conferred on it for
the debt securities of that series. However, the trustee may
refuse to follow any direction that conflicts with law or the
indenture or which would be unjustly prejudicial to the other
holders. (Section 512)
The indenture provides that the trustee will, within
90 days after the occurrence of a default on any series of
debt securities known to it, give to the holders of that series
notice of the default if not cured or waived. Except in the case
of a default in the payment of principal of, any premium, or
interest on, any debt securities, the trustee shall be protected
in withholding such notice if it determines in good faith that
doing so is in the holders interests.
(Section 602)
10
Discharge and Defeasance
The indenture provides that we may specify that, for debt
securities of a certain series, we will be discharged from any
and all obligations regarding those debt securities if we
irrevocably deposit with the trustee, in trust, money and/or
U.S. Government Obligations which through the payment of
interest and principal will provide enough money to pay any
installment of principal, any premium, and, any interest, and
any mandatory sinking fund payments of such debt securities on
their stated maturity in accordance with the terms of the
indenture and the debt securities. A trust may only be
established if it would not cause the debt securities of a
series listed on any nationally recognized securities exchange
to be de-listed. Establishment of a trust may be conditioned on
our delivery to the trustee of an opinion of counsel, who may be
our counsel, to the effect that, based upon applicable U.S.
Federal income tax law or a ruling published by the United
States Internal Revenue Service, a defeasance and discharge will
not be deemed, or result in, a taxable event to holders of the
debt securities. (Section 1301) Defeasance, however,
will not end our obligations to register the transfer or
exchange of debt securities, to replace stolen, lost or
mutilated debt securities, to maintain paying agencies and hold
monies for payment in trust and, if so specified for debt
securities of a certain series, to pay the principal of and
premium, if any, and interest, if any, on those debt securities.
Trustees Relationship with Issuer
JPMorgan Chase Bank acts as depositary for funds of, makes loans
to, and performs other services for us in the normal course of
business. It also acts as trustee for our Medium-Term Notes
Series G, 8.25% Notes Due 2006, and 4.125% Notes Due 2013.
Deutsche Bank acts as depositary for funds of, makes loans to,
and performs other services for us in the normal course of
business. It also acts as trustee for our Medium-Term Notes
Series F, 6.75% Notes Due 2007, 3.375% Notes Due 2007,
5.875% Euro Notes Due 2009, 6.875% Notes Due 2009, 4.125% Notes
Due 2010, 4.75% Notes Due 2012, 4.875% Notes Due 2014 and 6.50%
Debentures Due 2028. It also acts as fiscal agent for our 5.875%
Euro Notes Due 2009.
PLAN OF DISTRIBUTION
We may sell the debt securities in and outside the United States
(a) through underwriters or dealers, (b) directly to
purchasers or (c) through agents. The prospectus supplement
will include the following information:
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the terms of the offering |
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the names of any underwriters or agents |
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the purchase price from us of the securities |
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the net proceeds to us from the sale of the securities |
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any delayed delivery arrangements |
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any underwriting discounts and other items constituting
underwriters compensation |
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any initial public offering price |
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any discounts or concessions allowed or reallowed or paid to
dealers |
If we use underwriters in the sale, the underwriters will
acquire the debt securities for their own account. The
underwriters may resell the securities from time to time in one
or more transactions, including negotiated transactions, at a
fixed public offering price or at varying prices determined at
the time of sale. Underwriters may offer securities to the
public either through underwriting syndicates represented by one
or more managing underwriters or directly by one or more firms
acting as underwriters. Unless we inform you otherwise in the
prospectus supplement, the obligations of the underwriters to
purchase the securities will be subject to certain conditions,
and the underwriters will be obligated to
11
purchase all the offered securities if they purchase any of
them. The underwriters may change from time to time any initial
public offering price and any discounts or concessions allowed
or re-allowed or paid to dealers.
During and after an offering through underwriters, the
underwriters may purchase and sell the securities in the open
market. These transactions may include over-allotment and
stabilizing transactions and purchases to cover syndicate short
positions created in connection with the offering. The
underwriters may also impose a penalty bid, whereby selling
concessions allowed to syndicate members or other broker-dealers
for the offered securities sold for their account may be
reclaimed by the syndicate if those offered securities are
repurchased by the syndicate in stabilizing or covering
transactions. These activities may stabilize, maintain or
otherwise affect the market price of the offered securities,
which may be higher than the price that might otherwise prevail
in the open market. If commenced, these activities may be
discontinued at any time.
If we use dealers in the sale of securities, we will sell the
securities to them as principals. They may then resell those
securities to the public at varying prices determined by the
dealers at the time of resale. We will include in the prospectus
supplement the names of the dealers and the terms of the
transaction.
We may sell the securities directly. In that case, no
underwriters or agents would be involved. We may also sell the
securities through agents we designate from time to time. In the
prospectus supplement, we will name any agent involved in the
offer or sale of the offered securities, and we will describe
any commissions payable by us to the agent. Unless we inform you
otherwise in the prospectus supplement, any agent will agree to
use its reasonable best efforts to solicit purchases for the
period of its appointment.
We may sell the securities directly to institutional investors
or others who may be deemed to be underwriters within the
meaning of the Securities Act of 1933 with respect to any sale
of those securities. We will describe the terms of any such
sales in the prospectus supplement.
If we so indicate in the prospectus supplement, we may authorize
agents, underwriters or dealers to solicit offers from certain
types of institutions to purchase securities from us at the
public offering price under delayed delivery contracts. These
contracts would provide for payment and delivery on a specified
date in the future. The contracts would be subject only to those
conditions described in the prospectus supplement. The
prospectus supplement will describe the commission payable for
solicitation of those contracts.
We may have agreements with the agents, dealers and underwriters
to indemnify them against certain civil liabilities, including
liabilities under the Securities Act of 1933, or to contribute
to payments that the agents, dealers or underwriters may be
required to make. Agents, dealers and underwriters may be
customers of, engage in transactions with or perform services
for us in the ordinary course of their businesses.
LEGAL OPINION
Stacey J. Mobley, our General Counsel, or another of our
lawyers, will issue an opinion about the legality of the offered
securities for us. Any underwriters will be advised about other
issues relating to any offering by their own legal counsel.
EXPERTS
The consolidated financial statements and managements
assessment of the effectiveness of internal control over
financial reporting (which is included in Managements
Report on Internal Control over Financial Reporting)
incorporated in this prospectus by reference to the Annual
Report on Form 10-K for the year ended December 31,
2004 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts
in auditing and accounting.
12
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and
Distribution.
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SEC Filing Fee
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$ |
353,100 |
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Trustees Charges*
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25,000 |
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Printing and Engraving*
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100,000 |
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Accounting Fees*
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200,000 |
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Rating Agency Fees*
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500,000 |
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Miscellaneous*
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50,000 |
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$ |
1,228,100 |
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Item 15. Indemnification of Directors and
Officers.
Under provisions of our Bylaws, each person who is or was one of
our directors or officers shall be indemnified by us as of right
to the full extent permitted or authorized by the General
Corporation Law of Delaware.
Under that law, to the extent that a person is successful on the
merits in defense of a suit or proceeding brought against him
because he is or was one of our directors or officers, he shall
be indemnified against expenses (including attorneys fees)
reasonably incurred in connection with such action.
If unsuccessful in defense of a third-party civil suit or a
criminal suit, or if such a suit is settled, that person shall
be indemnified against both (1) expenses, including
attorneys fees, and (2) judgments, fines and amounts
paid in settlement if he acted in good faith and in a manner he
reasonably believed to be in, or not opposed to, our best
interests, and with respect to any criminal action, had no
reasonable cause to believe his conduct was unlawful.
If unsuccessful in defense of a suit brought by or in our right,
or if such suit is settled, that person shall be indemnified
only against expenses, including attorneys fees, incurred
in the defense or settlement of the suit if he acted in good
faith and in a manner he reasonably believed to be in, or not
opposed to, our best interests except that if he is adjudged to
be liable for negligence or misconduct in the performance of his
duty to us, he cannot be made whole even for expenses unless the
court determines that he is fairly and reasonably entitled to
indemnity for such expenses.
The right to indemnification includes the right to be paid by us
the expenses incurred in defending any action, suit or
proceeding in advance of its final disposition, subject to the
receipt by us of undertakings as may be legally defined. In any
action by an indemnitee to enforce a right to indemnification or
to recover advances, the burden of proving that the indemnitee
is not entitled to be indemnified is placed on us.
We have purchased liability insurance policies covering our
directors and officers to provide protection where we cannot
legally indemnify a director or officer and where a claim arises
under the Employee Retirement Income Security Act of 1974
against a director or officer based on an alleged breach of
fiduciary duty or other wrongful act.
II-1
Item 16. Exhibits.
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Exhibit | |
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Number | |
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Description of Exhibit |
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1 |
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Form of Underwriting Agreement. (Incorporated by reference to
Exhibit 1 of the Companys registration statement on
form S-3 No. 33-53327) |
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4.1 |
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Conformed copy of Indenture between the Registrant and Deutsche
Bank, as Trustee (incorporated by reference to Exhibit 4.1
of the Companys registration statement on Form S-3
(No. 33-48128). |
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4.2 |
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Conformed copy of Indenture between the Registrant and JPMorgan
Chase Bank, as Trustee (Incorporated by reference to
Exhibit 4.2 of the Companys registration statement on
Form S-3 (No. 33-48128). |
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4.3 |
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Forms of debt securities. (incorporated by reference to
Exhibit 4.3 of the Companys registration statement on
form S-3 No. 33-53327) |
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5 |
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Opinion of S. J. Mobley as to the validity of the debt
securities.* |
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12 |
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Computation of Ratio of Earnings to Fixed Charges.* |
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23.1 |
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Consent of Independent Registered Public Accounting Firm.* |
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23.2 |
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The consent of S. J. Mobley is contained in his opinion filed as
Exhibit 5 of this Registration Statement. |
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24 |
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Powers of Attorney.* |
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25.1 |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939 of Deutsche Bank Company.* |
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25.2 |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939 of JPMorgan Chase Bank.* |
Item 17. Undertakings
The undersigned registrant hereby undertakes:
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(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration
statement: |
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(i) |
To include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933; |
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(ii) |
To reflect in the prospectus any facts or events arising after
the effective date of the registration statement or the most
recent post-effective amendment thereof which, individually or
in the aggregate, represent a fundamental change in the
information set forth in the registration statement; |
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(iii) |
To include any material information with respect to the plan of
distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement; |
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Provided, however, that paragraphs (i) and (ii)
do not apply if the information required to be included by those
paragraphs in a post-effective amendment is contained in
periodic reports filed by us under Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement. |
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(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof. |
II-2
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(3) To remove from registration by means of a
post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. |
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(4) That, for purposes of determining any liability under
the Securities Act of 1933, each filing of our annual report
pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that
is incorporated by reference in this registration statement
shall be deemed to be a new registration statement relating to
the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof. |
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the
provisions described under Item 15 above or otherwise, we
have been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is
asserted against us by such director, officer or controlling
person in connection with the securities being registered, we
will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by us is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form S-3 and has duly caused this registration statement to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Wilmington, State of Delaware, on
May 6, 2005.
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E. I. du Pont de Nemours and Company |
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(Registrant) |
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G. M. Pfeiffer, Senior Vice President and |
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Chief Financial Officer |
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below on May 6, 2005
by the following persons in the capacities indicated.
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C. O. Holliday, Jr.
A. J.P. Belda
R. H. Brown
C. J. Crawford
J. T. Dillon
L. C. Duemling
L. D. Juliber
M. Naitoh
W. K. Reilly
H. R. Sharp, III
C. M. Vest
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Chairman and Director
(Principal Executive
Officer)
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director |
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By: /s/
Gary M. Pfeiffer
G. M. Pfeiffer
Senior Vice President and
Chief Financial Officer
(Principal Financial
and Accounting Officer
and Attorney-in-fact
for Bracketed Individuals) |
Original powers of attorney authorizing G. M. Pfeiffer
and S. J. Mobley, jointly, to sign the registration
statement and amendments thereto on behalf of the above-named
directors and officers are filed with the Registration Statement. |
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By: /s/
Stacey J. Mobley
S. J. Mobley
Senior Vice President,
Chief Administrative Officer
and General Counsel
(Attorney-in-fact for Bracketed Individuals) |
II-4