Dow Chemical Co. said Thursday it is extending a tender offer for debt held by Morton International, a business it sold in October.
Dow said $122.1 million in debt due in 2020 has been exchanged for cash. That's about 84 percent of the outstanding debt. The offer was scheduled to expire Wednesday, but it was extended to Friday. The offer was made by Dow's Rohm and Haas unit.
Dow sold the Morton International business to K+S Aktiengesellschaft for $1.68 billion, but Rohm and Haas was still responsible for the debt.
In afternoon trading, Dow shares lost 84 cents, or 3.3 percent, to $24.88.