Dow Chemical 2012 Annual Report Download - page 79

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At December 31, 2012, the Company had Euro 5 billion (approximately $6.6 billion) available for issuance under the
Company’s Euro Medium Term Note Program renewed with the Commission de Surveillance du Secteur Financier,
Luxembourg and the Luxembourg Stock Exchange on December 19, 2012, as well as Japanese yen 50 billion (approximately
$582 million) of securities available for issuance under a shelf registration renewed with the Kanto Local Finance Bureau of the
Ministry of Finance of Japan effective September 8, 2012.
On December 17, 2012, the Company redeemed $1.0 billion aggregate principal amount of 7.6 percent notes due May 15,
2014, at a price of 109.6 percent of the principal amount of the notes, plus accrued and unpaid interest. As a result of this
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, and 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.
On September 8, 2010, the Company concluded a tender offer for any and all of $145 million of debentures acquired from
Rohm and Haas, due June 2020. As a result of the tender offer, the Company redeemed $123 million of the debentures and
recognized a $46 million pretax loss on this early extinguishment of debt, included in “Sundry income (expense) – net” in the
consolidated statements of income and reflected in Corporate.