Dow's (DOW) chemical unit started a cash tender offer to buy up to $1 billion of its outstanding debt securities, including some issued by Rohm & Haas and Union Carbide subsidiaries.
The offer includes 0.50% Notes due 2027, 7.375% debentures due 2029, 6.30% notes due 2033 and 9.40% notes due 2039 issued by the Dow Chemical unit, along with 7.75% debentures due 2096 issued by Union Carbide and 7.85% debentures due 2029 issued by Rohm & Hass, the parent company said Tuesday in a statement.
The company is offering a premium for securities tendering before the early participation date of March 10 and the offer expires March 25.
The tender offer is subject to several conditions, including Dow Chemical issuing new debt to fund the repurchase.
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