MIDLAND, Mich.--(BUSINESS WIRE)--The Dow Chemical Company (NYSE: DOW) today announced the U.S. Treasury reference yields for its previously announced modified “Dutch Auction” cash tender offers for certain notes issued by Dow and its subsidiaries, Union Carbide Corporation and Rohm and Haas Company.
As of 2:00 p.m., New York City time, on March 8, 2011, the reference yields, based on the bid-side prices of the respective U.S. Treasury reference securities listed in the table below, were as follows:
| Title of Security | Issuer | CUSIP Number | U.S. Treasury Reference Security | Bloomberg Reference Page | Reference Yield | |||||
| Pool 1 Notes | ||||||||||
| 8.550% Notes due 2019 | Dow | 260543BX0 | 3.625% due February 15, 2021 | PX1 | 3.546% | |||||
| 7.750% Debentures due 2096 | Union Carbide | 905581AS3 | 4.250% due November 15, 2040 | PX1 | 4.670% | |||||
| Pool 2 Notes | ||||||||||
| 9.400% Notes due 2039 | Dow | 260543BY8 | 4.250% due November 15, 2040 | PX1 | 4.670% | |||||
| 7.850% Debentures due 2029 | Rohm and Haas | 775371AU1 | 4.250% due November 15, 2040 | PX1 | 4.670% |
The reference yields will be used to determine the consideration paid for the notes that are accepted for purchase after the expiration of the tender offers.
The expiration date of the tender offers is 12:00 midnight, New York City time, on March 22, 2011, unless extended. Holders who have not already tendered their notes may continue to do so at any time prior to the expiration date. Holders who validly tender and do not withdraw their notes on or prior to 5:00 p.m., New York City time, on March 8, 2011 (the “early participation date”), and whose notes are accepted for purchase pursuant to the tender offers, will be entitled to receive total consideration including an early participation amount of $30.00 per $1,000 principal amount of notes (the “early participation amount”). Holders who do not tender their notes by the early participation date may continue to do so at any time prior to the expiration date, but such holders will not be entitled to receive the early participation amount.
Dow has retained Goldman, Sachs & Co. and J.P. Morgan Securities LLC, as Lead Dealer Managers, and ING Financial Markets LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc., as co-Dealer Managers, for the tender offers. Global Bondholder Services Corporation is the Information Agent and Depositary for the tender offers. For additional information regarding the terms of the tender offers, please contact: Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212)-902-5128 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-2494 (collect). Requests for documents and questions regarding the tendering of notes may be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 389-1500 (for all others toll-free).
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The offers are being made solely pursuant to the Offer to Purchase and related documents made available to holders of the notes.
About Dow
Dow (NYSE: Dow) combines the power of science and technology with the “Human Element” to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world’s most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company’s more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
Union Carbide Corporation is a chemicals and polymers company that has been a wholly owned subsidiary of The Dow Chemical Company since 2001.
Rohm and Haas Company is a premier specialty materials company and has been a wholly owned subsidiary of The Dow Chemical Company since 2009.