Dow Chemical Reports Early Results Of Debt Tender Offers; Increases Tender Cap

(RTTNews) - Dow Chemical Co. (DOW) announced the early results for its 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 of on November 13, 2013, Dow said it received tenders for approximately (i) $581 million aggregate principal amount of the 6.00% notes due 2017 issued by Rohm and Haas, and (ii) $402 million aggregate principal amount of the 5.70% notes due 2018 issued by Dow.

The company said that 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).

According to the company, 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.

Dow also announced that it raised the tender cap from $500 million to $700 million. The expiration time of the tender offers is 12:00 midnight, New York City time, on November 27, 2013, unless extended.

Because the amount of notes tendered at or prior to the early tender time exceeded the tender cap, Dow does not expect to accept for purchase any additional notes in the tender offers. Withdrawal rights for the tender offers have expired and have not been extended, the company said.