<SEC-DOCUMENT>0001140361-20-007071.txt : 20200326
<SEC-HEADER>0001140361-20-007071.hdr.sgml : 20200326
<ACCEPTANCE-DATETIME>20200326171340
ACCESSION NUMBER:		0001140361-20-007071
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200326
DATE AS OF CHANGE:		20200326

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0829

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-230719
		FILM NUMBER:		20746937

	BUSINESS ADDRESS:	
		STREET 1:		123 SOUTH FRONT ST
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9014956500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2198
		STREET 2:		DEPT 8074
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38101-2198

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0829

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		123 SOUTH FRONT ST
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9014956500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2198
		STREET 2:		DEPT 8074
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38101-2198
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10010328x3_fwp.htm
<DESCRIPTION>FWP
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    <div style="text-align: right;">Issuer Free Writing Prospectus, dated March 26, 2020</div>

    <div style="text-align: right;">Filed Pursuant to Rule 433 under the Securities Act of 1933, as amended</div>

    <div style="text-align: right;">Supplementing the Preliminary Prospectus Supplement, dated March 26, 2020</div>

    <div style="text-align: right;">Registration No. 333-230719</div>

    <div><br>
       </div>

    <div style="text-align: center;">AutoZone, Inc.</div>

    <div style="text-align: center;">Final Term Sheet</div>

    <div><br>
       </div>

    <div style="text-align: center;">Dated: March 26, 2020</div>

    <div><br>
       </div>

    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbe9c9a1a98be43cb95216830832f4d78" border="0" cellpadding="3" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="vertical-align: top;">
            <div>AutoZone, Inc.</div>
          </td>
          <td style="vertical-align: top;">&#160;</td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>March 26, 2020</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="vertical-align: top;">
            <div>March 30, 2020 (T+2)</div>
          </td>
          <td style="vertical-align: top;">&#160;</td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Securities</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>$500,000,000 3.625% Senior</div>
            <div>Notes due 2025 (the &#8220;2025 Notes&#8221;)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>$750,000,000 4.000% Senior</div>
            <div>Notes due 2030 (the &#8220;2030 Notes&#8221;)</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Principal Amount:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>$500,000,000</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>$750,000,000</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Maturity:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>April 15, 2025</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>April 15, 2030</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>April 15 and October 15 of each year, commencing on October 15, 2020</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>April 15 and October 15 of each year, commencing on October 15, 2020</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>UST 1.125% due February 28, 2025</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>UST 1.500% due February 15, 2030</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>103-10 / 0.444%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>106-18 / 0.808%</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div><font style="font-weight: bold;">+</font>320 basis points</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div><font style="font-weight: bold;">+</font>320 basis points</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>3.644%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>4.008%</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Coupon (Interest Rate):</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>3.625%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>4.000%</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>99.912%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>99.933%</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Optional Redemption Provision:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>The 2025 Notes will be redeemable at our option at any time in whole or in part. If the 2025 Notes are redeemed before March 15, 2025 (1 month prior to the maturity date of the 2025 Notes) (the &#8220;2025 Par Call
              Date&#8221;), the redemption price will equal the greater of (i) 100% of the principal amount of the 2025 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2025 Notes to
              be redeemed that would have been due if the 2025 Notes matured on the 2025 Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted at the Adjusted Treasury Rate (as defined in the
              Preliminary Prospectus Supplement), plus 50 basis points, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption. If the 2025 Notes are redeemed on or after the 2025 Par Call Date, the redemption price for
              the 2025 Notes will equal 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption.</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>The 2030 Notes will be redeemable at our option at any time in whole or in part. If the 2030 Notes are redeemed before January 15, 2030 (3 months prior to the maturity date of the 2030 Notes) (the &#8220;2030 Par Call
              Date&#8221;), the redemption price will equal the greater of (i) 100% of the principal amount of the 2030 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2030 Notes to
              be redeemed that would have been due if the 2030 Notes matured on the 2030 Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted at the Adjusted Treasury Rate (as defined in the
              Preliminary Prospectus Supplement), plus 50 basis points, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption. If the 2030 Notes are redeemed on or after the 2030 Par Call Date, the redemption price for
              the 2030 Notes will equal 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption.</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>Change of Control:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div>The occurrence of a Change of Control Triggering Event (as defined in the Preliminary Prospectus Supplement) will require AutoZone, Inc., to repurchase the 2025 Notes for cash at a price equal to 101% of the
              principal amount together with accrued and unpaid interest, if any, to the date of repurchase.</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div>The occurrence of a Change of Control Triggering Event (as defined in the Preliminary Prospectus Supplement) will require AutoZone, Inc., to repurchase the 2030 Notes for cash at a price equal to 101% of the
              principal amount together with accrued and unpaid interest, if any, to the date of repurchase.</div>
          </td>
        </tr>
         <tr>
          <td style="width: 20%; vertical-align: top;">
            <div>CUSIP/ISIN:</div>
          </td>
          <td style="width: 39%; vertical-align: top;">
            <div style="margin-left: 2pt;">053332 AY8 / US053332AY81</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 39%; vertical-align: top;">
            <div style="margin-left: 2pt;">053332 AZ5 / US053332AZ56</div>
          </td>
        </tr>
         <tr>
           <td style="width: 20%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
           <td colspan="2" style="vertical-align: top;">
            <div>BofA Securities, Inc.</div>

            <div>J.P. Morgan Securities LLC</div>

            <div>SunTrust Robinson Humphrey, Inc.</div>

            <div>U.S. Bancorp Investments, Inc.</div>

            <div>Mizuho Securities USA LLC</div>

            <div>PNC Capital Markets LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">The issuer has filed a registration statement (including a preliminary prospectus supplement and prospectus) with the Securities and Exchange Commission for the offering to which this communication
      relates.&#160; Before you invest, you should read the preliminary prospectus supplement and prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about
      the issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov.&#160; Alternatively, the issuer, any underwriter or any dealer participating in the offering will
      arrange to send you the prospectus if you request it by calling, BofA Securities, Inc. toll free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533, SunTrust Robinson Humphrey, Inc. toll free at 1-800-685-4786 or U.S. Bancorp
      Investments, Inc. toll free at 1-877-558-2607.</div>
    <div style="font-size: 8pt;"> <br>
    </div>
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