Dow Chemical 2011 Annual Report Download - page 215

121
Long-Term Debt at December 31
In millions
Promissory notes and debentures:
Final maturity 2011
Final maturity 2012
Final maturity 2013
Final maturity 2014
Final maturity 2015
Final maturity 2016
Final maturity 2017 and thereafter
Other facilities:
U.S. dollar loans, various rates and maturities
Foreign currency loans, various rates and maturities
Medium-term notes, varying maturities through 2022
Euro medium-term notes, final maturity 2011
Pollution control/industrial revenue bonds, varying maturities
through 2038
Capital lease obligations
Unamortized debt discount
Long-term debt due within one year
Total long-term debt
2011
Average
Rate
—
5.35%
6.10%
7.28%
5.92%
2.57%
6.51%
2.37%
3.52%
4.76%
—
5.70%
—
—
—
—
2011
$ —
2,158
395
2,103
1,257
757
11,162
232
1,609
902
—
860
17
(393)
(2,749)
$ 18,310
2010
Average
Rate
5.30%
5.33%
6.05%
7.27%
5.90%
2.57%
6.78%
1.67%
2.95%
5.96%
4.63%
5.68%
—
—
—
—
2010
$ 1,057
2,154
389
2,096
1,250
757
10,503
20
998
2,005
665
907
17
(458)
(1,755)
$ 20,605
Annual Installments on Long-Term Debt
for Next Five Years
In millions
2012
2013
2014
2015
2016
$ 2,749
$ 662
$ 2,361
$ 1,453
$ 995
On November 14, 2011, the Company issued $2.0 billion of debt securities in a public offering. The offering included
$1.25 billion aggregate principal amount of 4.125 percent notes due 2021 and $750 million aggregate principal amount of
5.25 percent notes due 2041.
On March 22, 2011, the Company concluded cash tender offers for $1.5 billion aggregate principal amount of certain notes
issued by the Company. As a result of the tender offers, the Company redeemed $1.5 billion of notes and recognized a
$472 million pretax loss on early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated
statements of income and reflected in Corporate.
During 2011, the Company redeemed $800 million of notes that matured on February 1, 2011; Euro 500 million of notes
that matured on May 27, 2011 ($707 million equivalent); $250 million of floating rate notes that matured on August 8, 2011;
and $1,538 million of InterNotes, which resulted in a $10 million pretax loss on early extinguishment of debt, included in
"Sundry income (expense) - net" in the consolidated statements of income and reflected in Corporate.
During 2011, the Company issued $436 million of InterNotes with varying maturities in 2016, 2018 and 2021, at various
interest rates averaging 3.71 percent; and approximately $1.2 billion of long-term debt was entered into by consolidated
variable interest entities, including the refinancing of short-term notes payable.
On November 4, 2010, the Company issued $2.5 billion of debt securities in a public offering. The offering included
$750 million aggregate principal amount of 2.50 percent notes due 2016 and $1.75 billion aggregate principal amount of
4.25 percent notes due 2020.
On September 28, 2009, Calvin Capital LLC, a wholly owned subsidiary of the Company, repaid a $674 million note
payable, which was issued in September 2008.