<SEC-DOCUMENT>0001213900-25-040255.txt : 20250507
<SEC-HEADER>0001213900-25-040255.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250506173351
ACCESSION NUMBER:		0001213900-25-040255
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STARBUCKS CORP
		CENTRAL INDEX KEY:			0000829224
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				911325671
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-267227
		FILM NUMBER:		25918548

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 34067
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98124-1067
		BUSINESS PHONE:		2064471575

	MAIL ADDRESS:	
		STREET 1:		2401 UTAH AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98134

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STARBUCKS CORP
		CENTRAL INDEX KEY:			0000829224
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				911325671
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 34067
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98124-1067
		BUSINESS PHONE:		2064471575

	MAIL ADDRESS:	
		STREET 1:		2401 UTAH AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98134
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ea0241142-fwp_starbucks.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration No. 333-267227<BR>
Relating to the Preliminary Prospectus Supplement dated May 6, 2025<BR>
(to Prospectus dated September 1, 2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,750,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Starbucks Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$750,000,000 4.500% Senior Notes due 2028<BR>
$500,000,000 4.800% Senior Notes due 2030<BR>
$500,000,000 5.400% Senior Notes due 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Pricing Term Sheet<BR>
</I>May 6, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-right: 5.75pt; padding-bottom: 9pt">Issuer:</TD>
    <TD STYLE="width: 62%; padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">Starbucks Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Ratings (Moody&rsquo;s/S&amp;P):*</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">Baa1 (Negative Outlook) / BBB+ (Negative Outlook)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Format:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Ranking:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">Senior Unsecured</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Trade Date:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">May 6, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Settlement Date:**</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt; padding-left: 5.75pt">May 8, 2025 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5pt">Joint Book-Running Managers:</TD>
    <TD STYLE="padding-bottom: 5pt; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC<BR>
    Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 9pt">Co-Managers:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blaylock Van, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ICBC Standard Bank Plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rabo Securities USA, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Standard Chartered Bank</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%; padding-right: 5.05pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 0.5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 29.5%; padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.500% Senior
    Notes due 2028<BR>
    (the &ldquo;2028 notes&rdquo;)</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 0.5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 29.5%; padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.800% Senior
    Notes due 2030<BR>
    (the &ldquo;2030 notes&rdquo;)</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 0.5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 29.5%; padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.400% Senior
    Notes due 2035<BR>
    (the &ldquo;2035 notes&rdquo;)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15, 2028</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15, 2030</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15 and November 15, beginning November 15, 2025 (long first coupon)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15 and November 15, beginning November 15, 2025 (long first coupon)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 15 and November 15, beginning November 15, 2025 (long first coupon)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Record Dates:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 1 and November 1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 1 and November 1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">May 1 and November 1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">UST 3.750% due April 15, 2028</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">UST 3.875% due April 30, 2030</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">UST 4.625% due February 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury Price/Yield:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">99-29 <SUP>3</SUP>/<SUB>4</SUB>; 3.775%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">99-27 <SUP>3</SUP>/<SUB>4</SUB>; 3.904%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">102-15; 4.312%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">+77 basis points</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">+90 basis points</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">+110 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">4.545%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">4.804%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">5.412%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Coupon (Interest Rate):</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">4.500% per annum</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">4.800% per annum</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">5.400% per annum</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Price to Public (Issue Price):</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">99.873%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">99.981%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">99.907%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time prior to April 15, 2028 (one month prior to the maturity
    date of the 2028 Notes), the 2028 Notes will be redeemable in whole at any time or in part from time to time, at the Issuer&rsquo;s option,
    at a redemption price equal to the greater:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;100% of the aggregate
    principal amount of 2028 Notes to be redeemed; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;(a) the sum of the
    present value of the remaining scheduled payments of principal and interest on the 2028 Notes being redeemed, assuming that the 2028 Notes
    to be redeemed matured on April 15, 2028, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day
    months), at the Treasury Rate plus 15 basis points, less (b) interest accrued to the redemption date, plus, in either case, accrued and
    unpaid interest on the 2028 Notes being redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time prior to April 15, 2030 (one month prior to the maturity
    date of the 2030 Notes), the 2030 Notes will be redeemable in whole at any time or in part from time to time, at the Issuer&rsquo;s option,
    at a redemption price equal to the greater:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;100% of the aggregate
    principal amount of 2030 Notes to be redeemed; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;(a) the sum of the
    present value of the remaining scheduled payments of principal and interest on the 2030 Notes being redeemed, assuming that the 2030 Notes
    to be redeemed matured on April 15, 2030, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day
    months), at the Treasury Rate plus 15 basis points, less (b) interest accrued to the redemption date, plus, in either case, accrued and
    unpaid interest on the 2030 Notes being redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time prior February 15, 2035 (three months prior to the maturity
    date of the 2035 Notes), the 2035 Notes will be redeemable in whole at any time or in part from time to time, at the Issuer&rsquo;s option,
    at a redemption price equal to the greater:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;100% of the aggregate
    principal amount of 2035 Notes to be redeemed; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in">&#9679;&#9;&hairsp;(a) the sum of the
    present value of the remaining scheduled payments of principal and interest on the 2035 Notes being redeemed, assuming that the 2035 Notes
    to be redeemed matured on February 15, 2035, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve
    30-day months), at the Treasury Rate plus 20 basis points, less (b) interest accrued to the redemption date, plus, in either case, accrued
    and unpaid interest on the 2035 Notes being redeemed to, but excluding, the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt">In addition, at any time and from time to time, on and after April
    15, 2028, the 2028 Notes will be redeemable, at the Issuer&rsquo;s option, in whole or in part at a redemption price equal to 100% of
    the principal amount of the 2028 Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but
    excluding, the redemption date.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt">In addition, at any time and from time to time, on and after April
    15, 2030, the 2030 Notes will be redeemable, at the Issuer&rsquo;s option, in whole or in part at a redemption price equal to 100% of
    the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but
    excluding, the redemption date.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt">In addition, at any time and from time to time, on and after February
    15, 2035 the 2035 Notes will be redeemable, at the Issuer&rsquo;s option, in whole or in part at a redemption price equal to 100% of the
    principal amount of the 2035 Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding,
    the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; width: 10%"><FONT STYLE="font-size: 10pt">Change of Control Repurchase:</FONT></TD>
    <TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt; width: 29.5%"><FONT STYLE="font-size: 10pt">Upon the occurrence of a change of control triggering event (which involves the occurrence of both a change of control and a related below investment grade rating of the 2028 notes by Moody&rsquo;s and S&amp;P), the Issuer will be required, unless the Issuer has exercised its option to redeem the 2028 notes, to make an offer to purchase the 2028 notes at a price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the date of repurchase.</FONT></TD>
    <TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt; width: 29.5%"><FONT STYLE="font-size: 10pt">Upon the occurrence of a change of control triggering event (which involves the occurrence of both a change of control and a related below investment grade rating of the 2030 notes by Moody&rsquo;s and S&amp;P), the Issuer will be required, unless the Issuer has exercised its option to redeem the 2030 notes, to make an offer to purchase the 2030 notes at a price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the date of repurchase.</FONT></TD>
    <TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt; width: 29.5%"><FONT STYLE="font-size: 10pt">Upon the occurrence of a change of control triggering event (which involves the occurrence of both a change of control and a related below investment grade rating of the 2035 notes by Moody&rsquo;s and S&amp;P), the Issuer will be required, unless the Issuer has exercised its option to redeem the 2035 notes, to make an offer to purchase the 2035 notes at a price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the date of repurchase.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">855244BN8 / US855244BN88</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">&nbsp;855244BL2 / US855244BL23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.05pt; padding-bottom: 12pt; padding-left: 5.05pt"><FONT STYLE="font-size: 10pt">855244BM0 / US855244BM06</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each of the security ratings above should be
evaluated independently of any other security rating.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>**It is expected that delivery of the notes
will be made against payment therefor on or about May 8, 2025, which is the second business day following the date hereof (such settlement
cycle being referred to as &ldquo;T+2&rdquo;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are
required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the notes prior to the first business day prior to the settlement date will be required, by virtue of the fact that the notes
initially will settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers
of the notes who wish to trade the notes prior to the first business day prior to the settlement date should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The Issuer has filed a registration statement
(including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement, the prospectus supplement and other documents the Issuer has filed with
the SEC for more complete information about the Issuer and this offering. You should rely on the prospectus, prospectus supplement and
any relevant free writing prospectus or pricing supplement for complete details. You may get these documents for free by visiting EDGAR
on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus and the prospectus supplement may be obtained by calling BofA
Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; Morgan Stanley &amp; Co. LLC
toll-free at (866) 718-1649; Scotia Capital (USA) Inc. toll-free at (800) 372-3930.</B></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">- 3 -</P>

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