Dow Chemical 2012 Annual Report Download - page 140

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redemption, the Company realized a $99 million pretax loss on the early extinguishment of debt, included in "Sundry income
(expense) - net" in the consolidated statements of income and reflected in Corporate.
On November 14, 2012, the Company issued $2.5 billion of senior unsecured notes in a public offering. The offering
included $1.25 billion aggregate principal amount of 3.0 percent notes due 2022 and $1.25 billion aggregate principal amount
of 4.375 percent notes due 2042.
On March 8, 2012, the Company redeemed $1.25 billion aggregate principal amount of 4.85 percent notes due August 15,
2012, at a price of 101.8 percent of the principal amount of the notes, plus accrued and unpaid interest. As a result of this
redemption, the Company realized a $24 million pretax loss on the early extinguishment of debt, included in "Sundry income
(expense) - net" in the consolidated statements of income and reflected in Corporate.
During 2012, the Company issued $281 million aggregate principal amount of InterNotes with varying maturities in 2017,
2019 and 2022, at various interest rates averaging 2.95 percent; and approximately $367 million of long-term debt was entered
into by consolidated variable interest entities.
During 2012, the Company redeemed $37 million of pollution control/industrial revenue bonds that matured on January 1,
2012, repurchased $105 million of pollution control/industrial revenue tax-exempt bonds that were subject to re-marketing;
redeemed Euro 253 million ($317 million equivalent at June 30, 2012) of notes that matured on September 19, 2012; and
redeemed $900 million of notes that matured on October 1, 2012.
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.
During 2010, the Company issued $537 million of InterNotes with varying maturities in 2015, 2017 and 2020, at various
interest rates averaging 4.70 percent.
Revolving Credit Facilities
In 2010, the Company replaced its $3 billion Five Year Competitive Advance and Revolving Credit Facility Agreement, dated
April 24, 2006, with a new $3 billion Three Year Competitive Advance and Revolving Credit Facility Agreement dated June 4,
2010 ("Revolving Credit Facility") with various U.S. and foreign banks. The Revolving Credit Facility had a maturity date of
June 2013 and provided interest at a LIBOR-plus or Base Rate, as defined in the Revolving Credit Facility agreement.
On October 18, 2011, the Company entered into a new $5 billion Five Year Competitive Advance and Revolving Credit
Facility Agreement (the "2011 Revolving Credit Facility") with various U.S. and foreign banks. The new agreement, which
replaced the previous Revolving Credit Facility, has a maturity date in October 2016 and provides for interest at a LIBOR-plus
rate or Base Rate as defined in the 2011 Revolving Credit Facility agreement. At December 31, 2012, the full $5 billion credit
facility was available to the Company.