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People & Business :: Companies
Update: Dow Plans Equity Offering to Repay Debt
9:36 AM MDT | May 7, 2009 | Vincent Valk
Dow Chemical announced yesterday that it plans a public common stock offering as it seeks to pay down debt from its purchase of Rohm and Haas (R&H). Proceeds from the sale are expected to be $2.25 billion, $1 billion of which will go towards paying down a $9.2-billion bridge loan used to fund the R&H deal. Part of the sale, totaling $1 billion, will be sold by Dow directly, with the remainder sold by Paulson & Co. and trusts of the Haas family. The sale was originally expected to raise $1.625 billion, but it was oversubscribed. It will total 130...
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