Dow Chemical tenders for $2.11 billion 8.55% notes, to call rest

By Susanna Moon

Chicago, Nov. 28 – Dow Chemical Co. is tendering for its $2,114,827,000 outstanding principal amount of 8.55% notes due May 15, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The tender offer will end at 5 p.m. ET on Dec. 4.

Pricing will be set at 11 a.m. ET on Dec. 4 using the 3.125% Treasury note due May 15, 2019 plus 50 basis points.

Holders will also receive accrued interest up to but excluding the settlement date of Dec. 5.

The tender has a financing condition.

Dow plans to price a concurrent private offering of notes with proceeds to be used to fund the tender along with the redemption of any notes remaining after the offer, according to an announcement.

Global Bondholder Services Corp. (866 470-4300, 212 430-3774 or gbsc-usa.com/dow/) is the depositary and information agent. The dealer managers are BofA Merrill Lynch at (888 292-0070 or 980 387-3907), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Mizuho Securities (866 271-7403 or 212 205-7736), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) or SMBC Nikko Securities America, Inc. (888 284 9760 or 212 224-5328).

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

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