| | | | |
| | | 2024 Series C 5.05% Senior Notes due 2034 | | 2024 Series D 5.55% Senior Notes due 2054 |
| Principal Amount: | | $600,000,000 | | $600,000,000 |
Expected Ratings* (Moody’s/S&P/Fitch): | | A2 (negative outlook) / BBB+ (stable outlook) / A (stable outlook) | | A2 (negative outlook) / BBB+ (stable outlook) / A (stable outlook) |
| Trade Date: | | August 6, 2024 | | August 6, 2024 |
| Settlement Date (T+4)**: | | August 12, 2024 | | August 12, 2024 |
| Final Maturity Date: | | August 15, 2034 | | August 15, 2054 |
| Interest Payment Dates: | | February 15 and August 15 | | February 15 and August 15 |
| First Interest Payment Date: | | February 15, 2025 | | February 15, 2025 |
| Optional Redemption: | | Make Whole Call at T+20 bps prior to May 15, 2034; Par Call on or after May 15, 2034 | | Make Whole Call at T+25 bps prior to February 15, 2054; Par Call on or after February 15, 2054 |
| Benchmark Treasury: | | 4.375% due May 15, 2034 | | 4.250% due February 15, 2054 |
| Benchmark Treasury Yield: | | 3.879% | | 4.180% |
| Spread to Benchmark Treasury: | | +120 bps | | +140 bps |
| Reoffer Yield: | | 5.079% | | 5.580% |
| Coupon: | | 5.05% | | 5.55% |
| Price to Public: | | 99.774% of the principal amount | | 99.565% of the principal amount |
| Proceeds to the Company Before Expenses: | | 99.124% of the principal amount | | 98.690% of the principal amount |
| CUSIP/ISIN: | | 927804 GR9/US927804GR96 | | 927804 GS7/US927804GS79 |
| Joint Book-Running Managers: | | BNP Paribas Securities Corp., BofA Securities, Inc., MUFG Securities Americas Inc., Santander US Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., Guggenheim Securities, LLC and Regions Securities LLC |
| Co-Managers: | | Academy Securities, Inc. and Drexel Hamilton, LLC |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC, including the preliminary prospectus supplement dated August 6, 2024, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling:
| | |
| BNP Paribas Securities Corp. | | 1-800-854-5674 (toll-free) |
| BofA Securities, Inc. | | 1-800-294-1322 (toll-free) |
| MUFG Securities Americas Inc. | | 1-877-649-6848 (toll-free) |
| Santander US Capital Markets LLC | | 1-855-403-3636 (toll-free) |
| TD Securities (USA) LLC | | 1-855-495-9846 (toll-free) |
| U.S. Bancorp Investments, Inc. | | 1-877-558-2607 (toll-free) |
