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Dow Inc., et al. – ‘8-K’ for 3/25/21

On:  Thursday, 3/25/21, at 8:31am ET   ·   For:  3/25/21   ·   Accession #:  1193125-21-93471   ·   File #s:  1-03433, 1-38646

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/25/21  Dow Inc.                          8-K:1       3/25/21   12:233K                                   Donnelley … Solutions/FA
          Dow Chemical Co/DE

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     41K 
 8: R1          Cover Page                                          HTML     62K 
10: XML         IDEA XML File -- Filing Summary                      XML     13K 
 7: XML         XBRL Instance -- d28732d8k_htm                       XML     30K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      7K 
 3: EX-101.CAL  XBRL Calculations -- dow-20210324_cal                XML      7K 
 4: EX-101.DEF  XBRL Definitions -- dow-20210324_def                 XML     44K 
 5: EX-101.LAB  XBRL Labels -- dow-20210324_lab                      XML     60K 
 6: EX-101.PRE  XBRL Presentations -- dow-20210324_pre               XML     44K 
 2: EX-101.SCH  XBRL Schema -- dow-20210324                          XSD     21K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               15±    22K 
12: ZIP         XBRL Zipped Folder -- 0001193125-21-093471-xbrl      Zip     16K 

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 i false i 0001751788 i 0000029915 i MI i MI 0001751788 2021-03-25 2021-03-25 0001751788 dow:TheDowChemicalCompanyMember 2021-03-25 2021-03-25 0001751788 dow:M1875PercentNotesDueMarch152040Member dow:TheDowChemicalCompanyMember 2021-03-25 2021-03-25 0001751788 dow:M4625PercentNotesDueOctober12044Member dow:TheDowChemicalCompanyMember 2021-03-25 2021-03-25 0001751788 dow:M0.500PercentNotesDueMarch152027Member dow:TheDowChemicalCompanyMember 2021-03-25 2021-03-25 0001751788 dow:M1125PercentNotesDueMarch152032Member dow:TheDowChemicalCompanyMember 2021-03-25 2021-03-25
Washington, D.C. 20549
 i 8-K
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
File Number
Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number
State of Incorporation or
I.R.S. Employer
Identification No.
 i Dow Inc.
 i Delaware
 i 30-1128146
 i 2211 H.H. Dow Way,  i Midland, MI  i 48674
( i 989)
 i 636-1000
 i The Dow Chemical Company
 i Delaware
 i 38-1285128
 i 2211 H.H. Dow Way,  i Midland, MI  i 48674
( i 989)
 i 636-1000
Check the appropriate box below if the Form
filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
 i  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 i  Soliciting material pursuant to Rule
under the Exchange Act (17 CFR
communications pursuant to Rule
under the Exchange Act (17 CFR
communications pursuant to Rule
under the Exchange Act (17 CFR
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
Dow Inc.
Common Stock,
par value $0.01 per share
 i DOW
 i New York Stock Exchange
The Dow Chemical Company
 i 0.500% Notes due March 15, 2027
 i DOW/27
 i New York Stock Exchange
The Dow Chemical Company
 i 1.125% Notes due March 15, 2032
 i DOW/32
 i New York Stock Exchange
The Dow Chemical Company
 i 1.875% Notes due March 15, 2040
 i DOW/40
 i New York Stock Exchange
The Dow Chemical Company
 i 4.625% Notes due October 1, 2044
 i DOW/44
 i New York Stock Exchange
Indicate by check mark whether the registrants are an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
of the Securities Exchange Act of 1934
of this chapter).
Emerging growth company  i 
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01
Entry Into a Material Definitive Agreement.
On March 2
, 2021, Sadara Chemical Company (“Sadara”), a joint venture formed in 2011 between Dow Saudi Arabia Holding B.V. (“DSAHBV”), an indirect wholly-owned subsidiary of The Dow Chemical Company (the “TDCC”), and Excellent Performance Chemicals Company (“EPCC”), a wholly-owned subsidiary of Saudi Arabian Oil Company (“Saudi Aramco”), entered into an Amended and Restated Shareholders’ Agreement (the “Amended and Restated Shareholders’ Agreement”).
Sadara was formed to construct and operate a world-class petrochemical complex at Jubail Industrial City II in the Eastern Province of The Kingdom of Saudi Arabia (the “Sadara Complex”). The Sadara Complex comprises 26 manufacturing units and flexible cracking capabilities, producing over three million metric tons of high value-added chemical products and performance plastics per year. The Sadara Complex achieved full commercial operations in 2017.
The Amended and Restated Shareholders’ Agreement provides for certain changes to Sadara’s operations. Currently, Sadara markets its products within a geographically restricted region and TDCC and its subsidiaries market the remainder of Sadara’s products elsewhere in the world. Beginning in
TDCC and Saudi Aramco (or their subsidiaries) (the “Marketers”) will begin to market finished products produced by Sadara, consistent with each Marketer’s equity ownership interest. Sadara will cease marketing and will instead pay marketing fees to both Marketers under related marketing and lifting agreements. The transition will begin in
and gradually increase over the next five years. An agreement will be entered into as to the specifications of the products to be marketed. Other changes include the formation of an executive sales and operations planning committee and changes to the way annual operating and marketing plans will be implemented.
The Marketers will leverage their marketing and sales expertise to ensure Sadara’s world-class assets, technologies and products reach their full potential.
The transition of marketing rights to the Marketers is part of shareholders actions to improve Sadara operating results. This includes the finalization of a debt restructuring agreement with Sadara’s agency creditors and commercial lenders. The restructured debt repayment has been better aligned to match Sadara’s expected future cash flow generation. Key provisions of the agreement include a debt maturity extension from 2029 to 2038, a principal grace period until June of 2026 and a new $3.7 billion sponsor pro rata guarantee of principal, in addition to all interest due during the grace period, in proportion to Dow’s and Saudi Aramco’s ownership of Sadara. Sadara will also benefit from longer-term structural operating and feedstock improvements, further enhancing its crackers’ flexibility and improving Sadara’s position on the global cost curve.
In connection with the Amended and Restated Shareholders’ Agreement, TDCC (or its subsidiaries) have entered into certain other agreements in relation to the Sadara Complex, including guarantees of subsidiaries’ obligations under key agreements with Sadara, as well as amended and restated technology license agreements and related technical services agreements previously entered into.
The foregoing description of the Amended and Restated Shareholders’ Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Amended and Restated Shareholders’ Agreement. TDCC intends to redact certain confidential portions of the Amended and Restated Shareholders’ Agreement because such confidential portions are not material and would be competitively harmful if publicly disclosed.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 25, 2021     By:  
       Amy E. Wilson
       General Counsel and Corporate Secretary

Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
3/15/32None on these Dates
Filed on / For Period end:3/25/21
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/23/21  Dow Inc.                          S-8         4/23/21    5:65K                                    Donnelley … Solutions/FA
 4/23/21  Dow Inc.                          S-8         4/23/21    5:56K                                    Donnelley … Solutions/FA
Filing Submission 0001193125-21-093471   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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