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People & Business :: Earnings/Finance
Dow to Pay Down $1.5 Billion in Debt
5:40 PM MST | February 24, 2011 | Vincent Valk
Dow Chemical is planning to repay $750 million in high-interest debt via a tender offer, the company announced today. The debt was issued during the recession in 2009 as part of the financing for its acquisition of Rohm and Haas. The company is also paying off $800 million in bonds scheduled to mature during the first quarter and $150 million in InterNotes. The company expects to retire some $1.5 billion in overall debt during the first quarter. The repayments will generate $120 million-$130 million in annual pre-tax savings on interest costs, says a Dow...
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