Dow Sells Of Morton For $1.675 Billion
To pay bridge loan used to fund acquisition of Rohm and Haas
The Dow Chemical sells its interest in Morton International to K+S Aktiengesellschaft for $1.675 billion.
The company said that approximately one billion dollars in proceeds from this transaction will be used to pay the outstanding balance of a bridge loan that it used to partially fund its acquisition of Rohm and Haas earlier this year.
The remaining proceeds, as well as proceeds from future non-strategic definitive divestiture agreements already in place, will be used to pay down other debt, in-line with the company's broader deleveraging plan.
Andrew Liveris, chairman and CEO of Dow, said: "With this transaction, we have accomplished our objective of fully paying off the bridge loan and eliminating this financing facility. We accomplished this well ahead of our year-end goal, and we remain ahead of schedule on all other financial milestones related to the Rohm and Haas acquisition."
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