Final Term Sheet Medium-Term Notes, Series Q – Fixed Rate November 3, 2023 | Filed Pursuant to Rule 433 Registration No. 333-260663 |
PACCAR Financial Corp.
Medium-Term Notes, Series Q - Fixed Rate
CUSIP #69371RS72
(the “Notes”)
We are hereby offering to sell Notes having the terms specified below to you with the assistance of:
☒ J.P. Morgan Securities LLC
☒ BNP Paribas Securities Corp.
☒ BofA Securities, Inc.
☒ Mizuho Securities USA LLC
☐ MUFG Securities Americas Inc.
☒ RBC Capital Markets, LLC
☐ SMBC Nikko Securities America, Inc.
☐ TD Securities (USA) LLC
☐ U.S. Bancorp Investments, Inc.
☒ Wells Fargo Securities, LLC
☒ Other:
ANZ Securities, 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 99.923% of the Principal Amount.
| Principal Amount: $400,000,000 | Original Issue Date: November 9, 2023 (T+4) | |
| Agent’s Discount or Commission: 0.200% | Final Maturity Date: November 9, 2026 | |
| Net Proceeds to Company: $398,892,000 | Interest Payment Dates: Semi-annually on each May 9 and November 9, commencing May 9, 2024
Record Dates: April 25 and October 26 preceding the applicable Interest Payment Date | |
Treasury Benchmark: 4.625% due October 15, 2026
Treasury Yield: 4.628%
Reoffer Spread: T+60bps
Reoffer Yield: 5.228%
Interest Rate: 5.200% 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 | $ | 68,000,000 | |||
BNP Paribas Securities Corp. | Bookrunner | $ | 68,000,000 | |||
BofA Securities, Inc. | Bookrunner | $ | 68,000,000 | |||
RBC Capital Markets, LLC | Bookrunner | $ | 68,000,000 | |||
Wells Fargo Securities, LLC | Bookrunner | $ | 68,000,000 | |||
ANZ Securities, Inc. | Co-Manager | $ | 15,000,000 | |||
Mizuho Securities USA LLC | Co-Manager | $ | 15,000,000 | |||
SG Americas Securities, LLC | Co-Manager | $ | 15,000,000 | |||
Siebert Williams Shank & Co., LLC | Co-Manager | $ | 15,000,000 | |||
|
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Total | $ | 400,000,000 | ||||
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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, BNP Paribas Securities Corp., BofA Securities, Inc., RBC Capital Markets, LLC, 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 at 1-212-834-4533, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, BofA Securities, Inc. toll-free at 1-800-294-1322, RBC Capital Markets, LLC toll-free at 1-866-375-6829, and Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
