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%

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