Final Term Sheet Medium-Term Notes, Series P – Fixed Rate May 4, 2021 | Filed Pursuant to Rule 433 Registration No. 333-228141 |
PACCAR Financial Corp.
Medium-Term Notes, Series P - Fixed Rate
CUSIP # 69371RR32
(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.
Siebert Williams Shank & Co., LLC
Loop Capital Markets LLC
Scotia Capital (USA) Inc.
acting as ☒ principal ☐ agent
| at: | ☐ varying prices related to prevailing market prices at the time of resale | |
| ☒ a fixed initial public offering price of 99.932% of the Principal Amount. | ||
| Principal Amount: $300,000,000 | Original Issue Date: May 10, 2021 (T+4) | |
| Agent’s Discount or Commission: 0.350% | Final Maturity Date: May 11, 2026 | |
| Net Proceeds to Company: $298,746,000 | Interest Payment Dates: Semi-annually on each May 11 and November 11, commencing November 11, 2021
Record Dates: April 27 and October 28 preceding the applicable Interest Payment Date | |
Treasury Benchmark: 0.750% due April 30, 2026
Treasury Yield: 0.814%
Reoffer Spread: T+30 bps
Reoffer Yield: 1.114%
Interest Rate: 1.100% 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 | ||||
| BofA Securities, Inc. | Bookrunner | $63,000,000 | ||||
| J.P. Morgan Securities LLC | Bookrunner | $63,000,000 | ||||
| Mizuho Securities USA LLC | Bookrunner | $63,000,000 | ||||
| SMBC Nikko Securities America, Inc. | Bookrunner | $63,000,000 | ||||
| Siebert Williams Shank & Co., LLC | Co-Manager | $24,000,000 | ||||
| Loop Capital Markets LLC | Co-Manager | $12,000,000 | ||||
| Scotia Capital (USA) Inc. | Co-Manager | $12,000,000 | ||||
|
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| Total | $300,000,000 | |||||
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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 succeeding business day will be required, by virtue of the fact that the Notes initially will settle in T+4, 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, BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA 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 BofA Securities, Inc., toll-free at 1-800-294-1322, J.P. Morgan Securities LLC, collect at 1-212-834-4533, Mizuho Securities USA LLC, toll-free at 1-866-271-7403 or SMBC Nikko Securities America, Inc., toll-free at 1-888-868-6856.
