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Core Viewpoint - The Dow Chemical Company ("TDCC") has announced a tender offer to purchase certain debt securities for an aggregate consideration of up to $1.0 billion, which includes securities from its subsidiaries Rohm and Haas and Union Carbide Corporation [1][10]. Group 1: Tender Offer Details - The tender offer is part of TDCC's strategy to manage its debt and is detailed in the Offer to Purchase dated February 25, 2025 [1][10]. - The early participation date for the tender offer was set for March 10, 2025, and the expected early settlement date is March 13, 2025 [5][6]. - Holders of validly tendered securities will receive total consideration in cash, which includes an early participation amount of $30 per series of securities [4][6]. Group 2: Securities Information - The tender offer includes various series of securities, with specific amounts and terms outlined, such as the 0.500% Notes Due 2027 and the 7.850% Debentures Due 2029, which have been accepted for purchase [3][9]. - The total consideration for each $1,000 or €1,000 principal amount of securities validly tendered includes accrued interest from the last payment date to the early settlement date [7][8]. - Due to the tender cap, not all tendered securities will be accepted; only specific amounts of certain securities will be purchased on a prorated basis [9]. Group 3: Financial Management - TDCC has retained Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. as joint lead dealer managers for the tender offer, indicating a structured approach to managing the transaction [11]. - The company aims to optimize its capital structure through this tender offer, reflecting a proactive stance in financial management [1][10]. Group 4: Company Background - Dow Inc. operates as a leading materials science company with a focus on high-growth markets, achieving approximately $43 billion in sales in 2024 [14]. - Rohm and Haas and Union Carbide Corporation are wholly owned subsidiaries of TDCC, contributing to its diversified portfolio in chemicals and polymers [15].

Group 1 - Dow Inc. will participate in a fireside chat at the J.P. Morgan Industrials Conference on March 13, 2025, at 8:15 a.m. ET [1] - Investors can join the live webcast through Dow's website, with a replay and transcript available after the event [1] Group 2 - Dow is a leading materials science company, serving high-growth markets such as packaging, infrastructure, mobility, and consumer applications [2] - The company operates manufacturing sites in 30 countries and employs approximately 36,000 people [2] - Dow reported sales of approximately $43 billion in 2024 [2]

Core Viewpoint - The Dow Chemical Company ("TDCC") has announced the early results of its tender offer to purchase certain debt securities for cash, including those of its subsidiaries Rohm and Haas Company and Union Carbide Corporation, indicating a strategic move to manage its debt portfolio effectively [1][2]. Tender Offer Details - The total principal amount of securities tendered includes $1,101,175,000 in U.S. dollars and €504,493,000 in euros, which were validly tendered prior to the Early Participation Date [2]. - Specific securities included in the tender offer are detailed in a table, showing various series of securities with their outstanding amounts, acceptance priority levels, and the aggregate principal amount tendered [3]. - TDCC will accept for payment up to the Tender Cap of securities validly tendered, as the total purchase price exceeds the Tender Cap, indicating no further tenders are expected to be accepted [4]. Important Dates and Conditions - The withdrawal deadline for the tender offer was set for March 10, 2025, and has not been extended, meaning previously tendered securities cannot be withdrawn [5]. - The pricing of the Total Consideration for each series of securities is expected to occur on March 11, 2025, with the early settlement date anticipated for March 13, 2025 [6][5]. Securities Management - Securities that are validly tendered and accepted will be purchased, retired, and canceled on the Early Settlement Date, reflecting a proactive approach to debt management [7]. - TDCC's obligation to accept securities is not subject to a minimum amount but is contingent upon the satisfaction of various conditions outlined in the Offer to Purchase [8]. Dealer Managers - TDCC has engaged Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. as joint lead dealer managers, with RBC Capital Markets, LLC and TD Securities (USA) LLC acting as co-dealer managers for the tender offer [9].

Company Performance - Dow Inc. closed at $38.11, reflecting a decrease of -0.83% from the previous session, underperforming the S&P 500's gain of 1.59% on the same day [1] - Over the past month, shares of Dow Inc. have decreased by 0.31%, while the Basic Materials sector and the S&P 500 have lost 0.27% and 2.42%, respectively [1] Upcoming Earnings - The upcoming earnings per share (EPS) for Dow Inc. is projected at $0.11, indicating an 80.36% decline compared to the same quarter last year [2] - Revenue for the upcoming quarter is estimated at $10.29 billion, which represents a 4.44% decrease from the equivalent quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $2.02 per share, reflecting an increase of 18.13%, while revenue is expected to be $42.81 billion, showing a slight decline of 0.36% from the prior year [3] Analyst Estimates and Stock Performance - Recent changes in analyst estimates for Dow Inc. are crucial for investors, as positive revisions can indicate a favorable business outlook [3][4] - The Zacks Rank system, which evaluates estimate changes, currently ranks Dow Inc. at 5 (Strong Sell), indicating a negative outlook [5] Valuation Metrics - Dow Inc. has a Forward P/E ratio of 19.01, which is higher than the industry average of 15.74 [6] - The company also has a PEG ratio of 1.01, aligning with the average PEG ratio of the Chemical - Diversified industry [6] Industry Context - The Chemical - Diversified industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 216, placing it in the bottom 14% of over 250 industries [7] - Historical data shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]