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DOW TO ISSUE $175 MILLION IN PASS THROUGH CERTIFICATES

 DOW TO ISSUE $175 MILLION IN PASS THROUGH CERTIFICATES
 MIDLAND, Mich., May 21 /PRNewswire/ -- The Dow Chemical Company


(NYSE: DOW) filed a registration statement May 19 with the Securities and Exchange Commission for the issuance of $175 million of Pass Through Certificates.
 The proceeds from this offering will be used to refinance the debt portion of four separate leveraged leases on cogeneration facilities located in Texas and Louisiana. The offering is expected to occur in mid-June 1992. Morgan Stanley & Co. Incorporated will manage this offering for Dow.
 Dow is engaged in the manufacture and sale of chemicals, plastic materials, pharmaceutical, agricultural and consumer products and other specialized products.
 -0- 5/21/92
 /NOTE: This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 CONTACT: Douglas G. Draper of The Dow Chemical Company, 517-636-2876/
 (DOW) CO: The Dow Chemical Company ST: Michigan IN: CHM SU:


JB -- DE003 -- 2637 05/21/92 08:40 EDT
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Publication:PR Newswire
Date:May 21, 1992
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