<SEC-DOCUMENT>0001104659-23-082041.txt : 20230718
<SEC-HEADER>0001104659-23-082041.hdr.sgml : 20230718
<ACCEPTANCE-DATETIME>20230718163918
ACCESSION NUMBER:		0001104659-23-082041
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230718
DATE AS OF CHANGE:		20230718

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:			0826

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266209
		FILM NUMBER:		231094749

	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:			0826

	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>tm2321426-5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; width: 70%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Issuer
    Free Writing Prospectus, dated July&nbsp;18, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">Filed Pursuant to Rule&nbsp;433 un<FONT STYLE="font-size: 11pt">der
    the Securities Act of 1933, as amended</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; vertical-align: top"></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; vertical-align: top"><FONT STYLE="font-size: 11pt">Supplementing
    the Preliminary Prospectus Supplement, dated July&nbsp;18, 2023</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; vertical-align: top"></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; vertical-align: top"><FONT STYLE="font-size: 11pt">Registration
    No.&nbsp;333-266209</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">AutoZone,&nbsp;Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Final Term Sheet</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>$450,000,000
5.050% Senior Notes due 2026 (the &ldquo;<U>2026 Notes</U>&rdquo;)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>$300,000,000
5.200% Senior Notes due 2033 (the &ldquo;<U>2033 Notes</U>&rdquo; and, together with the 2026 Notes, the &ldquo;<U>Notes</U>&rdquo;)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Dated: July&nbsp;18,
2023</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Terms related
to all Notes</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="width: 54%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issuer:</FONT></TD>
    <TD STYLE="width: 46%; padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AutoZone,&nbsp;Inc.
    (the &ldquo;<U>Company</U>&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trade Date: </FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">July&nbsp;18,
    2023</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">July&nbsp;21,
    2023 (T+3)*</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change of Control:</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The occurrence
    of a Change of Control Triggering Event (as defined in the Preliminary Prospectus Supplement) will require the Company to offer 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. </FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratings**</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Baa1 /
    BBB / BBB</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">BofA Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">J.P. Morgan Securities LLC</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">U.S. Bancorp Investments,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Wells Fargo Securities,
    LLC</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Truist Securities,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Co-Managers:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Mizuho Securities USA LLC</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">PNC Capital Markets LLC</FONT></P></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Co-Managers</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">BMO Capital Markets Corp.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">BBVA Securities Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Capital One Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Citigroup Global Markets
    Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Citizens Capital Markets,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Credit Agricole Securities
    (USA) Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Deutsche Bank Securities
    Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Fifth Third Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">Huntington Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">KeyBanc Capital Markets
    Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-size: 11pt">MUFG Securities Americas
    Inc.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="width: 54%">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-left: 0.5pt; width: 46%">Regions
Securities LLC<BR>
 Santander Investment Securities Inc. <BR>
SMBC Nikko Securities America,&nbsp;Inc. <BR>
TD Securities (USA) LLC <BR>
Siebert Williams Shank&nbsp;&amp; Co., LLC

</TD></TR></TABLE>



<P STYLE="font-size: 11pt; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Terms related
    to the 2026 Notes</B></FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities:</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 46%; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$450,000,000
    5.050% Senior Notes due 2026</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$450,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">July&nbsp;15, 2026</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January&nbsp;15 and July&nbsp;15
    of each year, commencing on January&nbsp;15, 2024</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January&nbsp;1 and July&nbsp;1</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UST 4.500% due July&nbsp;15,
    2026</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100-13 &frac34; / 4.345%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+75 basis points</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.095%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.050%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.878%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption Provision:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Company may redeem
    the 2026 Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage
    of principal amount and rounded to three decimal places) equal to the greater of: (1)&nbsp;(a)&nbsp;the sum of the present values
    of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming
    a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus
    15 basis points less (b)&nbsp;interest accrued to the date of redemption, and (2)&nbsp;100% of the principal amount of the 2026 Notes
    to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-right: 0.5pt; padding-left: 2pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053332
    BE1 </FONT><FONT STYLE="font-size: 11pt">/ US053332BE19</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Terms related
to the 2033 Notes</B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities:</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 46%; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$300,000,000
    5.200% Senior Notes due 2033</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$300,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">August&nbsp;1, 2033</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February&nbsp;1 and August&nbsp;1
    of each year, commencing on February&nbsp;1, 2024</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Dates:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January&nbsp;15 and July&nbsp;15</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UST 3.375% due May&nbsp;15,
    2033</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">96-19+ / 3.791%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+143 basis points</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.221%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.200%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.836%</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption Provision:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 0.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">The 2033 Notes will be redeemable
    at the Company&rsquo;s option at any time in whole or from time to time in part.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Prior to May&nbsp;1, 2033 (three
    months prior to their maturity date) (the &ldquo;<U>2033 Par Call Date</U>&rdquo;), the Company may redeem the 2033 Notes at its
    option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount
    and rounded to three decimal places) equal to the greater of: (1)&nbsp;(a)&nbsp;the sum of the present values of the remaining scheduled
    payments of principal and interest thereon discounted to the redemption date (assuming the 2033 Notes to be redeemed matured on the
    2033 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
    defined in the Preliminary Prospectus Supplement) plus 25 basis points less</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 54%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; padding-left: 0.5pt; width: 46%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(b)&nbsp;interest
                                            accrued to the date of redemption, and (2)&nbsp;100% of the principal amount of the 2033
                                            Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption
                                            date.</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">On or after the 2033 Par Call Date,
    the Company may redeem the 2033 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100%
    of the principal amount of the 2033 Notes being redeemed plus accrued and unpaid interest on the 2033 Notes to be redeemed to, but
    not including, the redemption date.</FONT></P></TD></TR></TABLE>


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  <TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="font-size: 11pt; padding-left: 2pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053332 BF8 </FONT><FONT STYLE="font-size: 11pt">/
    US053332BF83</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">***</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">*We expect that
delivery of the notes will be made to investors on or about July&nbsp;21, 2023, which will be the third business day following the date
of pricing of the notes (such settlement being referred to as &ldquo;T+3&rdquo;). Under Rule&nbsp;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 second business day preceding the delivery of the notes hereunder will be
required, by virtue of the fact that the notes will initially settle in T+3, 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 the second business day
preceding their date of delivery hereunder should consult their advisors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">**Note:
A securities rating is not a recommendation to buy, sell or hold a security and may be subject to revision or withdrawal at any time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The
Company 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. 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. You may get these documents for free by visiting EDGAR on the Securities
and Exchange Commission website at </B></FONT><B><FONT STYLE="font-size: 11pt; color: blue"><U>www.sec.gov</U></FONT></B><B><FONT STYLE="font-size: 11pt">.
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,&nbsp;Inc. toll free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533, U.S.
Bancorp Investments,&nbsp;Inc. toll free at 1-877-558-2607 or Wells Fargo Securities, LLC toll free at 1-800-645-3751.</FONT></B></P>

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