DOW CHEMICAL CO /DE/

NOTE 13 –NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES

1. Cost includes net fair value hedge adjustment gains of$43 millionat June 30, 2025 ($9 million at December 31, 2024). See Note 20 for additional information.

2. See Note 15 for additional information.

3. Presented net of current portion of unamortized debt issuance costs.

2025 Activity

In the first quarter of 2025, the Company completed debt neutral liability management activities. The Company issued $1 billion of senior unsecured notes. The offering included $400 million aggregate principal amount of 5.35 percent notes due 2035 and $600 million aggregate principal amount of 5.95 percent notes due 2055. The Company used the proceeds to complete cash tender offers for certain debt securities. In total, $943 million aggregate principal amount was tendered and retired. As a result, the Company recognized a pretax loss of $60 million on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income, related to Corporate.

In the first six months of 2025, the Company issued an aggregate principal amount of $107 million of InterNotes®. Additionally, the Company repaid $125 million of long-term debt at maturity.

Available Credit Facilities

The following table summarizes the Company's credit facilities:

Debt Covenants and Default Provisions

There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first six months of 2025. For additional information on the Company's debt covenants and default provisions, see Note 14 to the Consolidated Financial Statements included in the 2024 10-K.