Dow Chemical to redeem $1.25 billion 3% notes via new note proceeds

By Sarah Lizee

Olympia, Wash., Feb. 25 – Dow Inc. subsidiary Dow Chemical Co. plans to redeem all $1.25 billion of its 3% notes due Nov. 15, 2022 with proceeds from new notes, according to a press release.

The notes will be redeemed on March 26 at a redemption price equal to par plus a make-whole premium calculated using a discount rate of Treasuries plus 25 basis points plus accrued interest to the redemption date.

Dow Chemical completed a public offering of €2.25 billion of notes, which includes €1 billion of 0.5% notes due 2027, €750 million of 1.125% notes due 2032 and €500 million of 1.875% notes due 2040.

Proceeds will also be used to repay $750 million of the $2 billion principal balance under the term loan facility of Dow Silicones Corp.

Dow is a specialty chemical company based in Midland, Mich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.