August 5, 2009 (FinancialWire) — The Dow Chemical Co. (NYSE: DOW) has priced a $2.75 billion underwritten public offering of debt securities, including $250 million of floating rate notes due 2011, $1.25 billion of 4.85% notes due 2012, and $1.25 billion of 5.90% notes due 2015.

BofA Merrill Lynch (NYSE: BAC), Citi (NYSE: C), HSBC, and Morgan Stanley (NYSE: MS) are acting as joint book-running managers for the offering.

The company plans to use the net proceeds of the offering to repay borrowings under its bridge loan, and for refinancing of other outstanding indebtedness. Borrowings under the bridge loan were incurred to pay a portion of the purchase price for Dow’s acquisition of Rohm and Haas.

Dow said that its latest capital raise, together with asset sales totaling $3.3 billion of gross proceeds, which Dow expected to be completed by year-end, will enable the company to completely retire the outstanding balance of the bridge loan facility well ahead of its end-of-year commitment.

Midland, Michigan-based Dow is a chemical company that offers products and services to customers in around 160 countries. In 2008, Dow posted annual sales of $57.5 billion and employed around 46,000 people worldwide.

The company has 150 manufacturing sites in 35 countries and produces around 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas, a specialty materials company with posted sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and around 15,000 employees worldwide.

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