Filed pursuant to Rule 433
Registration No. 333-239056
Issuer Free Writing Prospectus dated March 30, 2022
Relating to Preliminary Prospectus Supplement dated March 30, 2022
WORKDAY, INC.
FINAL TERM SHEET
March 30, 2022
$1,000,000,000 3.500% Senior Notes due 2027
$750,000,000 3.700% Senior Notes due 2029
$1,250,000,000 3.800% Senior Notes due 2032
| Issuer: | Workday, Inc. |
| Format: | SEC Registered |
| Ratings* | BBB by Standard & Poor’s Ratings Services Baa2 by Moody’s Investor Service, Inc. |
| Trade Date: | March 30, 2022 |
| Settlement Date**: | April 1, 2022 (T+2) |
3.500% Senior Notes due 2027
| Principal Amount: | $1,000,000,000 |
| Maturity Date: | April 1, 2027 |
| Coupon (Interest Rate): | 3.500% |
| Benchmark Treasury: | 1.875% due February 28, 2027 |
| Benchmark Treasury Price and Yield: | 97-12.25;2.443% |
| Spread to Benchmark Treasury: | 107 basis points |
| Yield to Maturity: | 3.513% |
| Price to Public: | 99.941% of the Principal Amount |
| Interest Payment Dates: | Semi-annually on each April 1 and October 1 of each year, commencing on October 1, 2022 |
| Make-Whole Call: | At any time prior to March 1, 2027, at a discount rate of Treasury plus 20 basis points |
| Par Call Date: | On or after March 1, 2027 |
| CUSIP Number: | 98138H AG6 |
| ISIN Number: | US98138HAG65 |
3.700% Senior Notes due 2029
| Principal Amount: | $750,000,000 |
| Maturity Date: | April 1, 2029 |
| Coupon (Interest Rate): | 3.700% |
| Benchmark Treasury: | 1.875% due February 28, 2029 |
| Benchmark Treasury Price and Yield: | 96-15.25;2.431% |
| Spread to Benchmark Treasury: | 127 basis points |
| Yield to Maturity: | 3.701% |
| Price to Public: | 99.994% of the Principal Amount |
| Interest Payment Dates: | Semi-annually on each April 1 and October 1 of each year, commencing on October 1, 2022 |
| Make-Whole Call: | At any time prior to February 1, 2029, at a discount rate of Treasury plus 20 basis points |
| Par Call Date: | On or after February 1, 2029 |
| CUSIP Number: | 98138H AH4 |
| ISIN Number: | US98138HAH49 |
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3.800% Senior Notes due 2032
| Principal Amount: | $1,250,000,000 |
| Maturity Date: | April 1, 2032 |
| Coupon (Interest Rate): | 3.800% |
| Benchmark Treasury: | 1.875% due February 15, 2032 |
| Benchmark Treasury Price and Yield: | 95-25+;2.354% |
| Spread to Benchmark Treasury: | 147 basis points |
| Yield to Maturity: | 3.824% |
| Price to Public: | 99.802% of the Principal Amount |
| Interest Payment Dates: | Semi-annually on each April 1 and October 1 of each year, commencing on October 1, 2022 |
| Make-Whole Call: | At any time prior to January 1, 2032, at a discount rate of Treasury plus 25 basis points |
| Par Call Date: | On or after January 1, 2032 |
| CUSIP Number: | 98138H AJ0 |
| ISIN Number: | US98138HAJ05 |
| Joint Book-Running Managers: | Morgan Stanley & Co. LLC BofA Securities, Inc. Wells Fargo Securities, LLC |
| Passive Book-Runners: | Truist Securities, Inc. U.S. Bancorp Investments, Inc. Barclays Capital Inc. |
| Co-Managers: | MUFG Securities Americas Inc. Deutsche Bank Securities Inc. |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
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The issuer has filed a registration statement (including a prospectus dated June 9, 2020) and a preliminary prospectus supplement dated March 30, 2022 with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC 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, BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC can arrange to send you the prospectus and the prospectus supplement if you request it by calling or e-mailing BofA Securities, Inc. at 1-800-294-1322 or dg.prospectus_requests@bofa.com, Morgan Stanley & Co. LLC at 1-866-718-1649 or Wells Fargo Securities, LLC at 1-800-645-3751 or wfscustomerservice@wellsfargo.com.
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