| Final Term Sheet | Filed Pursuant to Rule 433 | |
| Medium-Term Notes, Series P – Fixed Rate | RegistrationNo. 333-228141 | |
| January 30, 2020 |
PACCAR Financial Corp.
Medium-Term Notes, Series P – Fixed Rate
CUSIP # 69371RQ66
(the “Notes”)
We are hereby offering to sell Notes having the terms specified below to you with the assistance of:
| ☐ | BNP Paribas Securities Corp. |
| ☐ | Citigroup Global Markets Inc. |
| ☒ | J.P. Morgan Securities LLC |
| ☐ | BofA Securities, Inc. |
| ☐ | MUFG Securities Americas Inc. |
| ☐ | RBC Capital Markets, LLC |
| ☐ | U.S. Bancorp Investments, Inc. |
| ☒ | Other: |
Mizuho Securities USA LLC
TD Securities (USA) LLC
Wells Fargo Securities, LLC
Loop Capital Markets LLC
Scotia Capital (USA) Inc.
Siebert Williams Shank & Co., LLC
Westpac Capital Markets LLC
acting as ☒ principal ☐ agent
at: ☐ varying prices related to prevailing market prices at the time of resale
☒ a fixed initial public offering price of 99.919% of the Principal Amount.
| Principal Amount: $300,000,000 | Original Issue Date: February 6, 2020 (T+5) | |
| Agent’s Discount or Commission: 0.350% | Final Maturity Date: February 6, 2025 | |
| Net Proceeds to Company: $298,707,000 | Interest Payment Dates: Semi-annually on each February 6 and August 6, commencing August 6, 2020
Record Dates: January 23 and July 23 preceding the applicable Interest Payment Date | |
Treasury Benchmark: 1.750% due December 31, 2024
Treasury Yield: 1.367%
Reoffer Spread: T+45 bps
Reoffer Yield: 1.817%
Interest Rate: 1.800% per annum
Redemption:
| ☒ | The Notes may not be redeemed prior to the Maturity Date. |
| ☐ | The Notes may be redeemed at our option prior to the Maturity Date. |
Initial Redemption Date:
Initial Redemption Percentage: ____%
Annual Redemption Percentage Reduction: % until Redemption Percentage is 100% of the Principal Amount.
Repayment:
| ☒ | The Notes may not be repaid prior to the Maturity Date. |
| ☐ | The Notes may be repaid prior to the Maturity Date at the option of the holder of the Notes. |
Option Repayment Date(s):
Currency:
Specified Currency: USD (If other than U.S. dollars, see attached)
Minimum Denominations: ___________ (Applicable only if Specified Currency is other than U.S. dollars)
Exchange Rate Agent: ___________ (Applicable only if Specified Currency is other than U.S. dollars)
If Discount Note, check ☐
Issue Price: ____%
Form: ☒ Book-Entry ☐ Certificated
Plan of Distribution:
Name | Title | Principal Amount of Notes | ||||||
J.P. Morgan Securities LLC | Bookrunner | $ | 63,000,000 | |||||
Mizuho Securities USA LLC | Bookrunner | $ | 63,000,000 | |||||
TD Securities (USA) LLC | Bookrunner | $ | 63,000,000 | |||||
Wells Fargo Securities, LLC | Bookrunner | $ | 63,000,000 | |||||
Loop Capital Markets LLC | Co-Manager | $ | 12,000,000 | |||||
Scotia Capital (USA) Inc. | Co-Manager | $ | 12,000,000 | |||||
Siebert Williams Shank & Co., LLC | Co-Manager | $ | 12,000,000 | |||||
Westpac Capital Markets LLC | Co-Manager | $ | 12,000,000 | |||||
Total | $ | 300,000,000 | ||||||
Pursuant to Rule15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers of the Notes who wish to trade the Notes on the date hereof or the next two succeeding business days will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement.
Other Provisions:
N/A
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 get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting J.P. Morgan Securities LLC, collect at1-212-834-4533, Mizuho Securities USA LLC, toll-free at1-866-271-7403, TD Securities (USA) LLC toll-free at1-855-495-9846 or Wells Fargo Securities, LLC, toll-free at1-800-645-3751.
