Rohm and Haas announces buy back of $400 million debt
Feb 24, 2005
Rohm and Haas Company has announced it is calling $400 million in 7.4 percent US notes scheduled to mature in 2009.
This action is consistent with the company's ongoing strategy to use cash generated from operations to increase shareholder value through higher dividends, debt retirement, strategic investments in core technologies, and stock repurchase, as appropriate.
The buy back will be funded from cash resources, and will result in a $.05 per share early debt extinguishment loss in the first quarter of 2005. This loss is expected to be fully recovered through lower interest expense on lower debt during the remainder of the year.