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On Monday, Dow Chemical (NYSE:DOW) Co., a key player in the plastics and synthetic resins industry with a market capitalization of $25.91 billion, completed a significant issuance of $1 billion in aggregate principal amount of notes. According to InvestingPro analysis, the company appears undervalued at its current trading price of $36.67, which is near its 52-week low. The offering, which was finalized on March 11, 2025, comprised two sets of notes: $400 million of 5.350% notes due in 2035 and $600 million of 5.950% notes due in 2055.
The transaction was managed by a syndicate of underwriters led by BofA Securities, Inc., Mizuho (NYSE:MFG) Securities USA LLC, and SMBC Nikko Securities America, Inc. The notes were offered under Dow Chemical’s existing registration statement on Form S-3, initially filed on June 13, 2022. This new issuance adds to the company’s existing total debt of $17.67 billion.
This financial move was underpinned by an Underwriting Agreement dated February 25, 2025, and the notes were issued pursuant to an Indenture dated July 26, 2019. Dow Inc., the parent company, is also a party with respect to certain sections of the Indenture. The Bank of New York Mellon (NYSE:BK) Trust Company, N.A., serves as the trustee for this issuance.
The successful completion of this offering provides Dow Chemical with fresh capital, potentially for advancing its industrial applications and services. The legal opinion regarding the validity of the notes was provided by Allen & Overy Shearman Sterling US LLP.
The details of the Underwriting Agreement, the Indenture, and the forms of the notes have been filed with the SEC and are available for public reference. This issuance marks a significant financial event for Dow Chemical, as the company continues to navigate the competitive landscape of the materials industry. The information reported here is based on a press release statement.
In other recent news, Dow Inc. reported its fourth-quarter 2024 financial results, which fell short of expectations. The company recorded net sales of $10.4 billion, slightly below the anticipated $10.58 billion, and an earnings per share (EPS) of $0, missing the forecasted $0.29. Despite this, Dow’s stock showed resilience, reflecting cautious investor optimism. Additionally, Dow has announced a $1 billion debt buyback offer, targeting specific debt securities of its own and those of its subsidiaries. This move is part of Dow’s ongoing efforts to manage its financial structure effectively.
Dow also declared its 454th consecutive quarterly dividend of 70 cents per share, continuing its long-standing tradition of shareholder value return. In administrative news, Dow Inc. and The Dow Chemical Company filed a Current Report on Form 8-K with the SEC, incorporating essential documents into their Annual Report on Form 10-K. This filing aims to streamline administrative processes and ensure regulatory compliance. These developments highlight Dow’s strategic focus on financial management and shareholder engagement amidst challenging market conditions.
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