Earlier this month, Dow received $2.2 billion from that company to cover damages stemming from the Kuwait company’s 2008 withdrawal from a $17.4 billion joint venture with Dow days before it was set to launch.
The Midland, Mich.-based chemical company said Friday that it’s also looking at other ways to reduce high-cost debt. The company said that once complete, its current and planned moves are expected to reduce its annual interest costs by more than $100 million.
With Friday’s plans, Dow’s second-quarter debt-reduction activities total nearly $1.6 billion. The moves include the planned redemption of $1.25 billion of outstanding 5.9 percent notes due in 2015. The company said it also will redeem certain outstanding InterNotes and tax-exempt bonds by the end of the quarter.
Additional debt-reduction activities of up to $400 million are planned for the second half of the year, Dow said.
