On May 20, 2019, The Dow Chemical Company (the “Company”), a wholly owned subsidiary of Dow Inc. (“Dow”) completed the sale and issuance (the
“Offering”) of $2.0 billion in aggregate principal amount of notes consisting of $500,000,000 aggregate principal amount of 3.150% Notes due 2024 (the “Notes due 2024”), $750,000,000 aggregate principal amount of 3.625% Notes due 2026 (the “Notes
due 2026”) and $750,000,000 aggregate principal amount of 4.800% Notes due 2049 (the “Notes due 2049,” and together with the Notes due 2024 and the Notes due 2026, the “Notes”) in a private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The Offering was made pursuant to a Purchase Agreement (the
“Purchase Agreement”), dated as of May 16, 2019, among the Company and the representatives of the initial purchasers named therein.
The Notes were issued under an Indenture dated as of May 1, 2008 (the “Indenture”), between the Company and The Bank of New York Mellon Trust
Company, N.A., as trustee (the “Trustee”), as supplemented by the Second Supplemental Indenture, dated as of May 20, 2019 (the “Second Supplemental Indenture”), among the Company, Dow and the Trustee. The Notes are the senior unsecured obligations
of the Company.
The Second Supplemental Indenture and the forms of the Notes due 2024, the Notes due 2026 and the Notes due 2049 are attached as Exhibits 4.1,
4.2, 4.3 and 4.4 respectively, to this Current Report on Form 8-K (the “Report”) and are incorporated by reference into this Report.
Registration Rights Agreement
The holders of the Notes are entitled to the benefits of a Registration Rights Agreement, dated as of May 20, 2019 (the “Registration Rights
Agreement”), between the Company and the representatives of the initial purchasers under the Purchase Agreement. Pursuant to the Registration Rights Agreement, the Company has agreed to file a registration statement with the Securities and Exchange
Commission for an offer to exchange the Notes for a new issuance of substantially identical notes issued under the Securities Act (the “Exchange Offer”) and to cause the Exchange Offer to be consummated within 365 days after May 20, 2019. The
Company may be required to provide a shelf registration statement to cover resales of the Notes under certain circumstances. If the Company fails to satisfy its obligations under the Registration Rights Agreement, it may be required to pay
additional interest on the Notes.
The Registration Rights Agreement is attached as Exhibit 4.5 to this Report and is incorporated by reference into this Report. The foregoing
description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to such Exhibit.