<SEC-DOCUMENT>0001104659-24-074405.txt : 20240624
<SEC-HEADER>0001104659-24-074405.hdr.sgml : 20240624
<ACCEPTANCE-DATETIME>20240624172513
ACCESSION NUMBER:		0001104659-24-074405
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240624
DATE AS OF CHANGE:		20240624

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266209
		FILM NUMBER:		241065405

	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]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0831

	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>tm2417968d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus, dated June 24, 2024</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433 under the Securities
Act of 1933, as amended</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplementing
the Preliminary Prospectus Supplement, dated </FONT>June 24, 2024</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-266209</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AutoZone, Inc.</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">Final Term Sheet</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-family: Times New Roman, Times, Serif"><B>$600,000,000
5.100%</B></FONT><B> Senior Notes due 2029 (the &ldquo;<U>2029 Notes</U>&rdquo;)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$700,000,000
5.400%</B></FONT><B> Senior Notes due 2034 (the &ldquo;<U>2034 Notes</U>&rdquo; and, together with the 2029 Notes, the &ldquo;<U>Notes</U>&rdquo;)</B></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">Dated: June 24, 2024</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"><B>Terms related to all Notes</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issuer:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AutoZone, Inc. (the &ldquo;<U>Company</U>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trade Date: </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June 24, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Settlement Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June 28, 2024 (T+4)*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Change of Control:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><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="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratings**:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Baa1 / BBB / BBB</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joint Book-Running Managers:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BofA Securities, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Truist Securities, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">U.S. Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Co-Managers:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Mizuho Securities USA LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">PNC Capital Markets LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Co-Managers:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BMO Capital Markets Corp.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">BBVA Securities Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Capital One Securities, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Citizens JMP Securities, LLC</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Huntington Securities, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">KeyBanc Capital Markets Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">MUFG Securities Americas
Inc.&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P></TD></TR>
</TABLE>

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt 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="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 12pt; width: 50%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%"><P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Regions Securities LLC</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Santander US Capital Markets LLC</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">SMBC Nikko Securities America, Inc.</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">TD Securities (USA) LLC</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">Siebert Williams Shank &amp; Co.,
                           LLC</FONT></P></TD></TR>
  </TABLE>
<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"><B>Terms related to the 2029 Notes</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities:</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$600,000,000 </FONT><FONT STYLE="font-size: 11pt">5.100% Senior Notes due 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$600,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">July 15, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 15 and July 15 of each year, commencing on January 15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 1 and July 1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UST 4.500% due May 31, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100-31 &frac34; / 4.274%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+85 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.124<SUP>1</SUP>%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.891%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption Provision:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The 2029 Notes will be redeemable at the Company&rsquo;s option at
    any time in whole or from time to time in part.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to June 15, 2029 (one month prior to their maturity date)
(the &ldquo;<U>2029 Par Call Date</U>&rdquo;), the Company may redeem the 2029 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) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted
to the redemption date (assuming the 2029 Notes to be redeemed matured on the 2029 Par Call Date) on a semi-annual basis (assuming a
360-day year&nbsp;</P></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 11pt">Benchmark
Yield + Spread</FONT></P>


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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt 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="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; padding-bottom: 12pt; width: 50%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%"><P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">consisting of twelve 30-day months)
                           at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 15 basis points less (b) interest
                           accrued to, but not including, the date of redemption, and (2) 100% of the principal amount of the 2029 Notes
                           to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption
                           date.&nbsp;</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
                           <P STYLE="font-size: 11pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">On or after the 2029 Par Call Date,
                           the Company may redeem the 2029 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 2029 Notes being redeemed plus accrued and unpaid interest
                           on the 2029 Notes to be redeemed to, but not including, the redemption date.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&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">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053332 BJ0 / US053332BJ06</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Terms related to the 2034 Notes</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities:</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$700,000,000 5.400% Senior Notes due 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$700,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">July 15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 15 and July 15 of each year, commencing on January 15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 1 and July 1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UST 4.375% due May 15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100-31 / 4.253%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">+117 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.423<SUP>2</SUP>%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Coupon (Interest Rate):</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.400%</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2 </SUP></FONT><FONT STYLE="font-size: 11pt">Benchmark
Yield + Spread</FONT></P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt 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="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.820%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Optional Redemption Provision:</FONT></TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The 2034 Notes will be redeemable at the Company&rsquo;s option at
    any time in whole or from time to time in part.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to April 15, 2034 (three months prior to their maturity date)
    (the &ldquo;<U>2034 Par Call Date</U>&rdquo;), the Company may redeem the 2034 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) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted
    to the redemption date (assuming the 2034 Notes to be redeemed matured on the 2034 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 20 basis points
    less (b) interest accrued to, but not including, the date of redemption, and (2) 100% of the principal amount of the 2034 Notes to be
    redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the 2034 Par Call Date, the Company may redeem the 2034
    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 2034
    Notes being redeemed plus accrued and unpaid interest on the 2034 Notes to be redeemed to, but not including, the redemption date.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSIP/ISIN:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053332 BK7 / US053332BK78</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*We expect that delivery of the notes will be made
to investors on or about June 28, 2024, which will be the fourth business day following the date of pricing of the notes (such settlement
being referred to as &ldquo;T+4&rdquo;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle
in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior
to the 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+4, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers
of the notes</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">who wish to trade the notes prior to the business day preceding their date of delivery hereunder should consult their advisors.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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="color: Blue"><U>www.sec.gov</U></FONT>. 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, Truist Securities, Inc. toll free at 1-800-685-4786 or
Wells Fargo Securities, LLC toll free at 1-800-645-3751.</B></P>

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

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

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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






<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
