Pricing Supplement Dated March 27, 2023 | Filed Pursuant to Rule 424(b)(2) | |
(To Prospectus dated November 1, 2021 and | Registration No. 333-260663 |
Prospectus Supplement dated November 1, 2021)
PACCAR Financial Corp.
Medium-Term Notes, Series Q - Fixed Rate
CUSIP #69371RS49
(the “Notes”)
We are hereby offering to sell Notes having the terms specified below to you with the assistance of:
☒ TD Securities (USA) LLC
☐ J.P. Morgan Securities LLC
☐ BofA Securities, Inc.
☐ BNP Paribas Securities Corp.
☒ Mizuho Securities USA LLC
☐ MUFG Securities Americas Inc.
☒ RBC Capital Markets, LLC
☐ SMBC Nikko Securities America, Inc.
☐ U.S. Bancorp Investments, Inc.
☒ Wells Fargo Securities, LLC
☒ Other:
BNY Mellon Capital Markets, LLC
Loop Capital Markets LLC
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 99.933% of the Principal Amount. |
Principal Amount: $500,000,000 | Original Issue Date: March 30, 2023 (T+3) | |
Agent’s Discount or Commission: 0.200% | Final Maturity Date: March 30, 2026 | |
Net Proceeds to Company: $498,665,000 | Interest Payment Dates: Semi-annually on each March 30 and September 30, commencing September 30 2023
Record Dates: March 16 and September 16 preceding the applicable Interest Payment Date
|
Interest Rate: 4.450% 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
The Notes are expected to be delivered in book-entry only form through the facilities of The Depository Trust Company and its direct and indirect participants, including Euroclear Bank SA/NV and Clearstream Banking S.A., on or about March 30, 2023.
Plan of Distribution:
Name | Title | Principal Amount of Notes | ||||||
TD Securities (USA) LLC | Bookrunner | $ | 100,000,000 | |||||
Mizuho Securities USA LLC | Bookrunner | $ | 100,000,000 | |||||
RBC Capital Markets, LLC | Bookrunner | $ | 100,000,000 | |||||
Wells Fargo Securities, LLC | Bookrunner | $ | 100,000,000 | |||||
BNY Mellon Capital Markets, LLC | Co-Manager | $ | 20,000,000 | |||||
Loop Capital Markets LLC | Co-Manager | $ | 20,000,000 | |||||
Siebert Williams Shank & Co., LLC | Co-Manager | $ | 40,000,000 | |||||
Westpac Capital Markets LLC | Co-Manager | $ | 20,000,000 | |||||
Total | $ | 500,000,000 |
Other Provisions: N/A |