By Aleesia Forni
Virginia Beach, Sept. 9 – Dow Chemical Co. sold a $2 billion three-part offering of senior notes (Baa2/BBB/BBB) on Tuesday, according to a market source.
There was $900 million of 3.5% 10-year notes priced at 98.73 to yield 3.652%. The notes sold with a spread of Treasuries plus 115 basis points.
There was also $600 million 4.25% notes due 2034 priced at 97.636 to yield 4.429%, or Treasuries plus 120 bps.
Finally, $500 million of 4.625% 30-year bonds sold at 98.338 to yield 4.729%, or Treasuries plus 150 bps.
All three tranches sold at the tight end of price talk.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities and RBS Securities Inc. are the bookrunners.
Proceeds will be used for general corporate purposes.
The specialty chemicals company is based in Midland, Mich.
| Issuer: | Dow Chemical Co.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Joint bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities, RBS Securities Inc.
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $900 million
|
| Maturity: | Oct. 1, 2024
|
| Coupon: | 3.5%
|
| Price: | 98.73
|
| Yield: | 3.652%
|
| Spread: | Treasuries plus 115 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| 20-year notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 1, 2034
|
| Coupon: | 4.25%
|
| Price: | 97.636
|
| Yield: | 4.429%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 125 bps area
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2044
|
| Coupon: | 4.625%
|
| Price: | 98.338
|
| Yield: | 4.729%
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | Treasuries plus 155 bps area
|
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