| Final Term Sheet | Filed Pursuant to Rule 433 | |
Medium-Term Notes, Series P – Fixed Rate August 4, 2020 | Registration No. 333-228141 |
PACCAR Financial Corp.
Medium-Term Notes, Series P - Fixed Rate
CUSIP # 69371RQ90
(the “Notes”)
We are hereby offering to sell Notes having the terms specified below to you with the assistance of:
☒ BNP Paribas Securities Corp.
☐ BofA Securities, Inc.
☐ Citigroup Global Markets Inc.
☐ J.P. Morgan Securities LLC
☐ MUFG Securities Americas Inc.
☒ RBC Capital Markets, LLC
☐ U.S. Bancorp Investments, Inc.
☒ Other:
Mizuho Securities USA LLC
SMBC Nikko Securities America, Inc.
Rabo Securities USA, Inc.
Scotia Capital (USA) Inc.
SG Americas Securities, LLC
Siebert Williams Shank & Co., 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 99.869% of the Principal Amount.
| Principal Amount: $450,000,000 | Original Issue Date: August 11, 2020 (T+5) | |
| Agent’s Discount or Commission: 0.200% | Final Maturity Date: August 11, 2023 | |
| Net Proceeds to Company: $448,510,500 | Interest Payment Dates: Semi-annually on each February 11 and August 11, commencing February 11, 2021
Record Dates: January 28 and July 28 preceding the applicable Interest Payment Date
| |
Treasury Benchmark: 0.125% due July 15, 2023
Treasury Yield: 0.114%
Reoffer Spread: T+28 bps
Reoffer Yield: 0.394%
Interest Rate: 0.350% 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 | ||||
BNP Paribas Securities Corp. | Bookrunner | $ | 94,500,000 | |||
Mizuho Securities USA LLC | Bookrunner | $ | 94,500,000 | |||
RBC Capital Markets, LLC | Bookrunner | $ | 94,500,000 | |||
SMBC Nikko Securities America, Inc. | Bookrunner | $ | 94,500,000 | |||
Rabo Securities USA, Inc. | Co-Manager | $ | 18,000,000 | |||
Scotia Capital (USA) Inc. | Co-Manager | $ | 18,000,000 | |||
SG Americas Securities, LLC | Co-Manager | $ | 18,000,000 | |||
Siebert Williams Shank & Co., LLC | Co-Manager | $ | 18,000,000 | |||
Total | $ | 450,000,000 | ||||
Pursuant to Rule 15c6-1 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, BNP Paribas Securities Corp., Mizuho Securities USA LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc., or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BNP Paribas Securities Corp., toll-free at 1-800-854-5674, Mizuho Securities USA LLC, toll-free at 1-866-271-7403, RBC Capital Markets, LLC, toll-free at 1-866-375-6829 or SMBC Nikko Securities America, Inc., toll-free at 1-888-868-6856.
