[Form 4] The Sherwin-Williams Company Insider Trading Activity

Rhea-AI Filing Summary

Banco de Chile (NYSE: BCH) has disclosed via a Form 6-K that it completed an offshore bond placement under its Medium-Term Note (MTN) program. On 9 July 2025 the bank issued MXN 1,000,000,000 (≈US$55 million) in notes maturing 17 July 2030. The bonds were priced at TIIE-28d + 105 bps, signalling demand for BCH credit at a modest spread over the Mexican interbank benchmark. The proceeds, tenor and any specific use of funds were not detailed in the filing.

The transaction extends the bank’s debt maturity profile by five years and adds peso-denominated funding from international investors, supporting balance-sheet diversification. No further financial metrics, covenants, or comparative cost of funding were provided.

Positive

• Successful offshore bond issuance: MXN 1 billion placed, indicating investor confidence and continued market access.
• Competitive pricing: TIIE-28d + 1.05 % suggests favorable funding costs relative to peers.
• Extended tenor: 5-year maturity helps lengthen liability profile and reduce short-term refinancing risk.

Negative

• Additional leverage: New debt marginally increases the bank’s obligations; no information on intended use of proceeds.

Insights

Debt Capital Markets Analyst

TL;DR – MXN 1 bn, 5-yr MTN at TIIE+1.05%; positive for funding diversification.

The successful offshore placement demonstrates continued market access for Banco de Chile and a competitive 105 bp spread over TIIE indicates solid investor appetite for the credit. A 5-year tenor lengthens the liability duration and reduces near-term refinancing risk. While the amount is modest relative to BCH’s total assets, it adds currency and investor diversification, which is typically viewed favourably by rating agencies and fixed-income investors. No adverse terms are mentioned, implying standard MTN conditions. Impact: modestly positive.

Banking Sector Risk Analyst

TL;DR – New debt modestly raises leverage but within normal parameters.

Issuing MXN-denominated paper increases BCH’s total liabilities; however, the size (≈0.2 % of 2024 assets) is immaterial to capital ratios. Currency mismatch risk appears limited because BCH already operates peso books in Chile and Mexico, though the filing is silent on hedging. Absent disclosure on use of proceeds or pricing versus prior issues, the long-term credit impact is neutral-to-slightly positive given liquidity advantages.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Williams Thomas

(Last) (First) (Middle)

101 WEST PROSPECT AVENUE

(Street)

CLEVELAND OH 44115

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SHERWIN WILLIAMS CO [ SHW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/07/2025		A		97.4(1)	A	$346.53(2)	853.25(3)	I	Deferred Fee Plan
Common Stock								1,813(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of deferred stock units acquired by the Reporting Person, in an exempt transaction, pursuant to the 2005 Director Deferred Fee Plan ("Deferred Fee Plan"). Each deferred stock unit is the economic equivalent of one share of common stock. The deferred stock units become payable solely in stock, generally following the Reporting Person's separation from service as a Director of the Company.

2. Represents the weighted average share price on the transaction date used to determine the number of deferred stock units credited to the Reporting Person's account.

3. These securities consist of deferred stock units, held pursuant to the Deferred Fee Plan, and include deferred stock units acquired pursuant to the dividend reinvestment feature of such Plan.

4. These securities consist of 1,381 restricted stock units ("RSUs") and 432 shares of common stock. Each RSU represents the Reporting Person's right to receive one share of common stock.

Remarks:

	Stephen J. Perisutti, Attorney-in-fact	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Banco de Chile (BCH) announce in its July 2025 6-K filing?

The bank reported a MXN 1 billion offshore bond placement under its MTN program.

What are the key terms of Banco de Chile's new bonds?

The notes mature on 17 July 2030 and pay TIIE-28d plus 1.05 %.

How large is the bond issuance relative to Banco de Chile's balance sheet?

At approximately MXN 1 billion, the issue is small compared with the bank's multi-trillion-peso asset base.

Why is the offshore placement important for investors?

It demonstrates BCH’s ability to access international capital markets and diversify its funding sources.

Does the filing state how Banco de Chile will use the bond proceeds?

No, the 6-K does not disclose the intended use of funds.