Pricing Supplement Number 23

 

Filed Under Rule 424(b)(3), Registration Statement No. 333-91228

Pricing Supplement No. 23—dated March 17, 2003 (To: Prospectus Dated September 12, 2002 and Prospectus Supplement Dated November 12, 2002)


CUSIP Number

  

Principal Amount

  

Selling Price

    

Gross Concession

  

Net Proceeds

  

Coupon Rate

  

Coupon Frequency

  

Maturity Date

  

1st Coupon Date

  

1st

Coupon Amount

  

Survivor’s Option

  

Product Ranking


26054LDB6

  

$

8,815,000.00

  

100.000%

    

.625%

  

$

8,759,906.25

  

3.050%

  

SEMI-

ANNUAL

  

03/15/2006

  

09/15/2003

  

$14.83

  

YES

  

Senior Unsecured Notes


Redemption Information: Non-Callable.

Joint Lead Managers and Lead Agents: Banc of America Securities LLC, INCAPITAL, LLC Agents: Charles Schwab & Co. Inc.,

Merrill Lynch & Co., Morgan Stanley, Prudential Securities, Salomon Smith Barney, UBS PaineWebber, Wachovia Securities


CUSIP Number

  

Principal Amount

  

Selling Price (% of Par)

  

Gross Concession

  

Net Proceeds

  

Coupon Rate

  

Coupon Frequency

  

Maturity Date

  

1st Coupon Date

  

1st

Coupon Amount

  

Survivor’s Option

  

Product Ranking


26054LDC4

  

$

8,881,000.00

  

100.000%

  

1.000%

  

$

8,792,190.00

  

3.900%

  

SEMI-

ANNUAL

  

03/15/2008

  

09/15/2003

  

$18.96

  

YES

  

Senior Unsecured Notes


Redemption Information: Non-Callable.

Joint Lead Managers and Lead Agents: Banc of America Securities LLC, INCAPITAL, LLC Agents: Charles Schwab & Co. Inc.,

Merrill Lynch & Co., Morgan Stanley, Prudential Securities, Salomon Smith Barney, UBS PaineWebber, Wachovia Securities


CUSIP Number

  

Principal Amount

  

Selling Price (% of Par)

  

Gross Concession

  

Net Proceeds

  

Coupon Rate

  

Coupon Frequency

  

Maturity Date

  

1st Coupon Date

  

1st Coupon Amount

  

Survivor’s Option

  

Product Ranking


26054LDD2

  

$

7,533,000.00

  

100.000%

  

1.200%

  

$

7,442,604.00

  

4.900%

  

SEMI-

ANNUAL

  

03/15/2010

  

09/15/2003

  

$23.82

  

YES

  

Senior Unsecured Notes


Redemption Information: Non-Callable.

Joint Lead Managers and Lead Agents: Banc of America Securities LLC, INCAPITAL, LLC Agents: Charles Schwab & Co. Inc.,

Merrill Lynch & Co., Morgan Stanley, Prudential Securities, Salomon Smith Barney, UBS PaineWebber, Wachovia Securities


CUSIP Number

  

Principal Amount

  

Selling Price (% of Par)

  

Gross Concession

  

Net Proceeds

  

Coupon Rate

  

Coupon Frequency

  

Maturity Date

  

1st Coupon Date

  

1st Coupon Amount

  

Survivor’s Option

  

Product Ranking


26054LDE0

  

$

9,872,000.00

  

100.000%

  

1.500%

  

$

9,723,920.00

  

5.400%

  

SEMI-

ANNUAL

  

03/15/2013

  

09/15/2003

  

$26.25

  

YES

  

Senior Unsecured Notes


Redemption Information: Non-Callable.

Joint Lead Managers and Lead Agents: Banc of America Securities LLC, INCAPITAL, LLC Agents: Charles Schwab & Co. Inc.,

Merrill Lynch & Co., Morgan Stanley, Prudential Securities, Salomon Smith Barney, UBS PaineWebber, Wachovia Securities


LOGO

 

The Dow Chemical Company




  

Trade Date: Monday, March 17, 2003 @12:00 PM ET

Settle Date: Thursday, March 20, 2003

Minimum Denomination/Increments: $1,000/$1,000

All trades settle flat and clear SDFS: DTC Book Entry only

DTC number: 0262 via BNY Clearing Services, LLC

 

If the maturity date or an interest payment date for any note is not a Business Day (as

term is defined in Prospectus), principal, premium, if any, and interest for that note is

paid on the next Business Day, and no interest will accrue from, and after, the

maturity date or interest payment date.

 

InterNotes® is the trade mark of INCAPITAL, LLC. All rights reserved

  

The Dow Chemical Company

The Dow Chemical Company Internotes