The Dow Chemical Company InterNotes: Key Details and Redemption Options

Strategic Insights -

The Dow Chemical Company has announced the offering of a series of InterNotes, with three tranches available: 5.650% InterNotes due on November 15, 2028, 6.100% InterNotes due on November 15, 2033, and 6.700% InterNotes due on November 15, 2053. These InterNotes are senior unsecured notes that will be redeemed at the option of The Dow Chemical Company. Redemption can occur on the interest payment date occurring on May 15, 2024, and any time thereafter, at a redemption price equal to 100% of the principal amount of the notes plus accrued interest.

Key Takeaways:

  • The Dow Chemical Company InterNotes have three tranches available: 5.650% InterNotes due on November 15, 2028, 6.100% InterNotes due on November 15, 2033, and 6.700% InterNotes due on November 15, 2053.
  • The InterNotes are senior unsecured notes with a redemption price equal to 100% of the principal amount of the notes plus accrued interest.
  • Redemption can occur on the interest payment date occurring on May 15, 2024, and any time thereafter, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee.
  • Investment advisers and selected dealers may be offered Notes at a discount to the public offering rate, with discounts ranging from 0.8500% to 2.4000%.
  • The InterNotes will be subject to a call at 100.000% on May 15, 2024, and any time thereafter.

Statistics:

  • Total amount of InterNotes issued: $8,492,000 ( $2,621,000 + $1,966,000 + $3,905,000 ).
  • Redemption price: 100% of the principal amount of the notes plus accrued interest.
  • Interest payment dates: November 15, 2028, November 15, 2033, and November 15, 2053.
  • Note prices: $2,621,000, $1,966,000, and $3,905,000, respectively.
  • Discounts offered: 0.8500% to 2.4000%.

Sources:

The Dow Chemical Company InterNotes prospectus; InspereX LLC; Citigroup; Wells Fargo Advisors.