<SEC-DOCUMENT>0001140361-20-017449.txt : 20200804
<SEC-HEADER>0001140361-20-017449.hdr.sgml : 20200804
<ACCEPTANCE-DATETIME>20200804163633
ACCESSION NUMBER:		0001140361-20-017449
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200804
DATE AS OF CHANGE:		20200804

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:		201073830

	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>
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<TYPE>FWP
<SEQUENCE>1
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<DESCRIPTION>FWP
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    <div style="text-align: right;">Issuer Free Writing Prospectus, dated August 4, 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 August 4,
      2020</div>
    <div style="text-align: right;">Registration No. 333-230719</div>
    <div><br>
    </div>
    <div style="text-align: center;">AutoZone, Inc.</div>
    <div><br>
    </div>
    <div style="text-align: center;">Final Term Sheet</div>
    <div><br>
    </div>
    <div style="text-align: center;">Dated: August 4, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb7b7826882a247d590cb744331774edc" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 40%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>AutoZone, Inc.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 4, 2020</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 14, 2020 (T+ 8)*</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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          <td style="width: 40%; vertical-align: top;">
            <div>Securities</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$600,000,000 1.650% Senior</div>
            <div>Notes due 2031 (the &#8220;<u>Notes</u>&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Principal Amount:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$600,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>January 15, 2031</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>January 15 and July 15 of each year, commencing on January 15, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>UST 0.625% due May 15, 2030</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>101-02+ / 0.512%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div><font style="font-weight: bold;">+</font>117 basis points</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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          <td style="width: 40%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>1.682%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Coupon (Interest Rate):</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>1.650%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>99.696%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div>Optional Redemption Provision:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>The Notes will be redeemable at our option at any time in whole or in part. If the Notes are redeemed before October 15, 2030 (3 months prior to the
              maturity date of the Notes) (the &#8220;Par Call Date&#8221;), the redemption price will equal the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of
              principal and interest on the Notes to be redeemed that would have been due if the Notes matured on the 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 20 basis points, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption. If the Notes are redeemed on or after the Par Call Date,
              the redemption price for the Notes will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption.</div>
          </td>
        </tr>

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          <td style="width: 40%; vertical-align: top;">
            <div>Change of Control:</div>
          </td>
          <td style="width: 60%; 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 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>
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          <td style="width: 40%; vertical-align: top;">
            <div>CUSIP/ISIN:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div style="margin-left: 2pt;">053332BA9 / US053332BA96</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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          <td style="width: 40%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div style="margin-left: 2pt;">J.P. Morgan Securities LLC</div>
            <div style="margin-left: 2pt;">U.S. Bancorp Investments, Inc.</div>
            <div style="margin-left: 2pt;">Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div style="margin-left: 2pt;">BofA Securities, Inc.</div>
            <div style="margin-left: 2pt;">Mizuho Securities USA LLC</div>
            <div style="margin-left: 2pt;">PNC Capital Markets LLC</div>
            <div style="margin-left: 2pt;">Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 60%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 40%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div style="margin-left: 2pt;">BNP Paribas Securities Corp.</div>
            <div style="margin-left: 2pt;">Capital One Securities, Inc.</div>
            <div style="margin-left: 2pt;">Citigroup Global Markets Inc.</div>
            <div style="margin-left: 2pt;">Credit Agricole Securities (USA) Inc.</div>
            <div style="margin-left: 2pt;">Deutsche Bank Securities Inc.</div>
            <div style="margin-left: 2pt;">Fifth Third Securities, Inc.</div>
            <div style="margin-left: 2pt;">KeyBanc Capital Markets Inc.</div>
            <div style="margin-left: 2pt;">MUFG Securities Americas Inc.</div>
            <div style="margin-left: 2pt;">Regions Securities LLC</div>
            <div style="margin-left: 2pt;">Santander Investment Securities Inc.</div>
            <div style="margin-left: 2pt;">TD Securities (USA) LLC</div>
            <div style="margin-left: 2pt;">SMBC Nikko Securities America, Inc.</div>
            <div style="margin-left: 2pt;">Citizens Capital Markets, Inc.</div>
          </td>
        </tr>

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              <div style="text-align: left;">*</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;">We expect that delivery of the notes will be made to investors on or about August 14, 2020, which will be the eighth business day following the date
                of pricing of the notes (such settlement being referred to as &#8216;&#8216;T+8&#8217;&#8217;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly
                agree otherwise. Accordingly, purchasers who wish to trade notes prior to the delivery of the notes hereunder will be required, by virtue of the fact that the notes initially settle in T+8, to specify an alternate settlement arrangement at
                the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their advisors.</div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <div style="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, J.P. Morgan Securities LLC collect at 1-212-834-4533, U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607 or
      Wells Fargo Securities, LLC toll free at 1-800-645-3751.</div>
    <div><br>
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