The Dow Chemical Company InterNotes: Key Details and Redemption Options

The Dow Chemical Company has recently issued several tranches of InterNotes, a type of senior unsecured note. These notes are offered in various denominations, with the largest tranche being $2,735,000. According to the prospectus, investment advisers and selected dealers may purchase these notes at a discount to the public offering rate. The notes are callable at 100% of the principal amount, with the first redemption date set for December 15, 2023.

Key Takeaways:

The Dow Chemical Company has issued several tranches of InterNotes, including a $2,735,000 tranche with a 5.850% semi-annual interest rate.
The notes are callable at 100% of the principal amount, with the first redemption date set for December 15, 2023.
Investment advisers and selected dealers may purchase these notes at a discount to the public offering rate, with discounts ranging from 0.8500% to 2.4000%.
Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% or 1.2500%, respectively.
Redemption is optional, with The Dow Chemical Company reserving the right to redeem the notes in whole or in part on the interest payment date occurring on 12/15/2023 and any time thereafter.
Specific joint lead managers and lead agents for this tranche of InterNotes include InspereX LLC, Citigroup, and Wells Fargo Advisors.

Statistics:

Total amount of InterNotes issued: $4.026 million (including the $2,735,000 tranche)
Interest rate for the $2,735,000 tranche: 5.850% semi-annual
Redemption date: December 15, 2023
Discount offered to investment advisers and selected dealers: up to 2.4000%
Discount offered to selected dealers in level-fee and retirement accounts: up to 1.2500% (or 0.8500%)

Sources:

The Dow Chemical Company (via COMTEX) press release, dated June 12, 2023.
COMTEX, "The Dow Chemical Company InterNotes: Key Details and Redemption Options", article, June 12, 2023 (Ref. COMTEX_434894938).