FILLFILL:Dow Chemical Marketing Two-Part Bond Offering -Source

Dow Chemical Co. (DOW) began marketing new 10- and 30-year bonds Friday, the company said in a regulatory filing.

Bank of America Merrill Lynch, Citigroup, Mizuho Securities and Morgan Stanley are lead bookrunners on the deal, and the debt is expected to be rated Baa3 by Moody's Investors Service and BBB by both Standard & Poor's and Fitch Ratings.

Proceeds will be used for general corporate purposes, including to fund pension contributions, finance capital expenditures and working capital, and to "pursue growth initiatives, whether through acquisitions, joint ventures or otherwise," the filing stated.

In the event of a change of control, for example through a merger or takeover, the borrower will be required to buy back the debt at 101 cents on the dollar. There is also a feature where the issuer can call the debt back in three months before maturity in the case of the 10-year debt, and six months prior in the case of the 30-year debt.

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com