Key Developments – Debt Issuance
1. $1 Billion Senior Notes Offering
Issuer: The Dow Chemical Company
Aggregate Principal Amount: $1.0 billion
Breakdown:
$400 million of 5.350% Notes due 2035
$600 million of 5.950% Notes due 2055
Offering Completed: March 11, 2025
2. Underwriting Agreement & Legal Filings
Underwriters:
BofA Securities, Inc.
Mizuho Securities USA LLC
SMBC Nikko Securities America, Inc.
Indenture Agreement:
Trustee: The Bank of New York Mellon Trust Company, N.A.
Originally dated July 26, 2019
Legal Opinion Filed: Allen Overy Shearman Sterling US LLP
3. Purpose & Use of Proceeds
✔ Debt Issuance for General Corporate Purposes
✔ May include refinancing existing debt
✔ Enhances Dow’s long-term capital structure

4. Potential Market Impact
✅ Stable long-term financing with extended maturities
✅ Shows investor confidence in Dow’s financial strength
✅ Interest rate environment may affect future debt issuances