Filed Pursuant to Rule 433
RegistrationNo. 333-216285
November 8, 2017
Pricing Term Sheet
Johnson & Johnson
1.950% Notes due 2020
2.625% Notes due 2025
2.900% Notes due 2028
3.400% Notes due 2038
3.500% Notes due 2048
| Issuer: | Johnson & Johnson | |||||||||
| Security: | 1.950% Senior Unsecured Notes due 2020 | 2.625% Senior Unsecured Notes due 2025 | 2.900% Senior Unsecured Notes due 2028 | 3.400% Senior Unsecured Notes due 2038 | 3.500% Senior Unsecured Notes due 2048 | |||||
| Size: | $500,000,000 | $750,000,000 | $1,500,000,000 | $1,000,000,000 | $750,000,000 | |||||
| Maturity Date: | November 10, 2020 | January 15, 2025 | January 15, 2028 | January 15, 2038 | January 15, 2048 | |||||
| Coupon: | 1.950% | 2.625% | 2.900% | 3.400% | 3.500% | |||||
| Interest Payment Dates: | Paid semi-annually on November 10 and May 10, commencing May 10, 2018 | Paid semi-annually on January 15 and July 15, commencing July 15, 2018 | Paid semi-annually on January 15 and July 15, commencing July 15, 2018 | Paid semi-annually on January 15 and July 15, commencing July 15, 2018 | Paid semi-annually on January 15 and July 15, commencing July 15, 2018 | |||||
| Price to Public: | 99.893% | 99.983% | 99.881% | 99.703% | 99.623% | |||||
| Underwriting Discount: | 0.150% | 0.350% | 0.400% | 0.750% | 0.750% | |||||
| Benchmark Treasury: | 1.625% due October 15, 2020 | 2.250% due October 31, 2024 | 2.250% due August 15, 2027 | 3.000% due May 15, 2047 | 3.000% due May 15, 2047 | |||||
| Benchmark Treasury Price and Yield: | 99-20, 1.757% | 100-11, 2.197% | 99-09, 2.333% | 104-06+, 2.790% | 104-06+, 2.790% | |||||
| Spread to Benchmark Treasury: | 23 bps | 43 bps | 58 bps | 63 bps | 73 bps | |||||
| Yield: | 1.987% | 2.627% | 2.913% | 3.420% | 3.520% | |||||
| Make-Whole Call: | Treasury +7.5 bps | Treasury +7.5 bps, prior to November 15, 2024 | Treasury +10 bps, prior to October 15, 2027 | Treasury +10 bps, prior to July 15, 2037 | Treasury +15 bps, prior to July 15, 2047 | |||||
| Par Call: | Any time on or after November 15, 2024, at 100% | Any time on or after October 15, 2027, at 100% | Any time on or after July 15, 2037, at 100% | Any time on or after July 15, 2047, at 100% | ||||||
| Trade Date: | November 8, 2017 | November 8, 2017 | November 8, 2017 | November 8, 2017 | November 8, 2017 | |||||
| Expected Settlement Date: | November 10, 2017 (T+2) | November 10, 2017 (T+2) | November 10, 2017 (T+2) | November 10, 2017 (T+2) | November 10, 2017 (T+2) | |||||
| CUSIP: | 478160 CH5 | 478160 CJ1 | 478160 CK8 | 478160 CL6 | 478160 CM4 | |||||
| ISIN: | US478160CH52 | US478160CJ19 | US478160CK81 | US478160CL64 | US478160CM48 | |||||
| Expected Ratings:* | Aaa (stable) (Moody’s) / AAA (stable) (S&P) | |||||||||
| Joint Book-Running Managers: | Goldman Sachs & Co. LLC J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Citigroup Global Markets Inc. Deutsche Bank Securities Inc. | |||||||||
| SeniorCo-Managers: | BNP Paribas Securities Corp. HSBC Securities (USA) Inc. NatWest Markets The Williams Capital Group, L.P. | |||||||||
| Co-Managers: | ING Financial Markets LLC MUFG Securities Americas Inc. RBC Capital Markets, LLC Santander Investment Securities Inc. UBS Securities LLC UniCredit Capital Markets LLC | |||||||||
* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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 for more complete information about the issuer and this offering.
You may obtain 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 Goldman Sachs & Co. LLC toll-free at1-866-471-2526, J.P. Morgan Securities LLC collect at1-212-834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at1-800-294-1322.
