* Completes sale of Morton Salt for $1.675 bln
* Using about $1 bln to pay off bridge loan
* Payoff ends loan used to finance Rohn & Haas deal
* Stock falls 1.6 percent
NEW YORK, Oct 1 Dow Chemical Co (DOW.N) said on
Thursday it is spending about $1 billion to pay off the
outstanding balance of a bridge loan it used to fund its
acquisition of Rohm and Haas this year.
The company used a big portion of the proceeds from its
sale of Morton Salt to Germany's K+S SDFG.DE for $1.675
billion, it said in a statement announcing closing of the
"With this transaction, we have accomplished our objective
of fully paying off the bridge loan and eliminating this
financing facility," said Andrew Liveris, Dow's chairman and
chief executive officer.
"We accomplished this well ahead of our year-end goal, and
we remain ahead of schedule on all other financial milestones
related to the Rohm and Haas acquisition," he added.
The remaining proceeds from the Morton Salt sale, as well
as proceeds from future divestiture agreements already in
place, will be used to pay down other debt, in line with the
company's broader deleveraging plan, Dow said.
The company's debt had become a concern for some investors
and Monday's announcement of the Morton sale sent Dow's stock
up. But on Thursday it fell 1.65 percent to $25.64 in early
trading on the New York Stock Exchange
(Reporting by Steve James; Editing by Derek Caney)