The Dow Chemical Company InterNotes: A Comprehensive Review

Strategic Insights -

The Dow Chemical Company has announced the availability of new InterNotes, a type of senior unsecured note that can be redeemed at the option of the company. These InterNotes are offered to investment advisers and selected dealers at a discount to the public offering rate, with a range of discounts from 0.8500% to 2.4000% depending on the specific offering. The notes are callable at 100% of their principal amount plus accrued interest, and are subject to certain redemption and notice requirements.

Key Takeaways:

  • The Dow Chemical Company InterNotes are senior unsecured notes that can be redeemed at the option of the company.
  • Investment advisers purchasing for the account of their advisory clients and selected dealers may be offered InterNotes at a discount to the public offering rate.
  • The discount for investment advisers and selected dealers ranges from 0.8500% to 2.4000% depending on the specific offering.
  • The InterNotes are callable at 100% of their principal amount plus accrued interest.
  • The notes are subject to certain redemption and notice requirements.

Statistics:

  • 2.4 million InterNotes issued
  • Public offering price: $28.41 per note
  • Re redemption information: Callable at 100% on 9/15/2023 and any time thereafter
  • Joint Lead Managers and Lead Agents: InspereX LLC
  • Agents: Citigroup, Wells Fargo Advisors
  • Interest rates: 1.800% (26054MBT7), 3.150% (26054MBU4)
  • Maturity dates: 03/15/2033, 03/15/2053

Sources:

  • COMTEX via EDGAR Online
  • Cybernet Data Systems, Inc.
  • The Dow Chemical Company InterNotes Prospectus and Prospectus Supplement