Dow Chemical plans redemption of $1 billion of 7.6% notes due 2014

By Tali David

Minneapolis, Nov. 16 - The Dow Chemical Co. announced the redemption of $1 billion of its 7.6% notes due 2014, according to a press release.

The notes will be redeemed on Dec. 17 at a redemption price equal to the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest, discounted to the redemption date on a semiannual basis at the treasury rate plus 50 basis points, along with accrued interest up to the redemption date.

The Bank of New York Mellon Trust Co., NA is the trustee.

Dow Chemical is a Midland, Mich.-based specialty chemicals company.

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