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Chemical Week Magazine :: Business & Finance :: United States/Americas
Dow refinances debt as Moody’s raises credit rating
9:04 AM MST | November 9, 2012 | —Vincent Valk
In an effort to push out debt maturities, Dow Chemical is issuing $2.5 billion in senior unsecured 10- and 30-year bonds. The 10-year bonds will carry an interest rate of 3%, while the 30-year bonds will have a 4.375% rate. Credit rating agency Moody’s Investors Service (New York) has rated the debt Baa2, in line with Dow’s overall corporate credit rating. Moody’s raised Dow’s rating prior to the bond issue because of “the meaningful decrease in leverage since the Rohm and Haas acquisition in 2009,” Moody’s says, and...
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