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Dow to use K-Dow award for debt repayment

9:38 AM MDT | May 24, 2013 | Vincent Valk

Dow Chemical today announced plans to use up to $2 billion of its $2.2 billion payout from Petrochemical Industries of Kuwait (PIC) over the K-Dow joint venture termination to pay down high-interest debt. The moves will reduce Dow’s annual interest expense by over $100 million, the company says. They include redemption of $1.25 billion in 5.9% bonds due in 2015, as well as redemption of some tax exempt bonds and InterNotes.   Some $1.6 billion of the debt repayment is expected to occur during the second-quarter of this year, including the 2015 bond...

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