Dow Chemical, Ashland Issue New Debt

Dow Chemical and Ashland have separately tapped bond markets in recent weeks to pay down short-term debt or preferred-equity issues that they each used to fund acquisitions. Dow issued $6 billion of long-term debt, which is earmarked for retiring high-dividend preferred stock issued to Paulson & Co. and Haas family trusts, as well as for helping to repay a $9.2-billion bridge loan. Dow also announced a separate $2.25-billion common stock offering earlier this month, the proceeds of which will be used for the same purposes (CW, May 11, p. 4). “Coming on...

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