This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Announces Early Results Of Its Debt Tender Offers

The Dow Chemical Company (NYSE: DOW) announced today the early results for its previously announced cash tender offers for certain notes issued by Dow and its subsidiary Rohm and Haas Company. In addition, the Company announced it raised the tender cap, such that the aggregate principal amount sought in the tender offers is $700 million, versus the $500 million that was initially sought.

As set forth in the table below, as of 5:00 p.m., New York City time, on November 13, 2013 (the “early tender time”), Dow received tenders for approximately (i) $581 million aggregate principal amount of the 6.00% notes due 2017 issued by Rohm and Haas listed below, and (ii) $402 million aggregate principal amount of the 5.70% notes due 2018 issued by Dow listed below. The amount of tendered notes exceeds the previously announced tender cap of $500 million. Based on the revised $700 million tender cap and the proration terms of the tender offers, Dow accepted for purchase $414 million and $286 million aggregate principal amount of the 6.00% notes due 2017 and the 5.70% notes due 2018, respectively, validly tendered at or prior to the early tender time, resulting in aggregate consideration of $816 million (plus an additional $4.5 million in aggregate accrued interest). The notes that have been validly tendered at or prior to the early tender time and accepted in the tender offers will be purchased, retired and cancelled by the relevant issuer on the early settlement date, which is expected to occur on November 18, 2013.

Title of Security   Issuer  

CUSIP No. / ISIN No.

 

Principal Amount Outstanding

 

Principal Amount Tendered as of the Early Tender Time

 

Percent of Outstanding Principal Amount Tendered(1)

 
6.00% notes due 2017 Rohm and Haas 775371AV9 / US775371AV92 $850,000,000 $581,377,000 68.4%
5.70% notes due 2018 Dow 260543BV4 / US260543BV48 $800,000,000 $401,558,000 50.2%

__________

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs