<SEC-DOCUMENT>0001552781-21-000290.txt : 20210503
<SEC-HEADER>0001552781-21-000290.hdr.sgml : 20210503
<ACCEPTANCE-DATETIME>20210503171739
ACCESSION NUMBER:		0001552781-21-000290
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210503
DATE AS OF CHANGE:		20210503

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-252723
		FILM NUMBER:		21884693

	BUSINESS ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191
		BUSINESS PHONE:		7576292680

	MAIL ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191
		BUSINESS PHONE:		7576292680

	MAIL ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191
</SEC-HEADER>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right">Filed Pursuant to Rule 433<BR>
Free Writing Prospectus<BR>
Registration Statement No. 333-252723</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Pricing Term Sheet<BR>
Dated as of May 3, 2021</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Norfolk Southern Corporation<BR>
<BR>
$500,000,000 2.300% Senior Notes due 2031<BR>
$600,000,000 4.100% Senior Notes due 2121</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following information, which should be read in conjunction with the
Preliminary Prospectus Supplement dated May 3, 2021 (the &ldquo;Preliminary Prospectus Supplement&rdquo;), supplements, and to the extent
it is inconsistent with replaces, the information set forth in the Preliminary Prospectus Supplement.<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Issuer:</TD>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Norfolk Southern Corporation</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Format: </TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">SEC Registered</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Expected Ratings* (Moody&rsquo;s/S&amp;P):</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Baa1/BBB+</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Denominations:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">$2,000 x $1,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Trade Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">May 3, 2021</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Settlement Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">May 12, 2021 (T+7)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>$500,000,000 2.300% Senior Notes due 2031</U><BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Principal Amount:</TD>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">$500,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">May 15, 2031</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">1.125% due February 15, 2031</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">95-18 / 1.617%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">T + 70 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">2.317%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">2.300%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: left; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; vertical-align: top">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">May 15 and November 15, commencing November 15, 2021</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">99.849% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Optional Redemption:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Any time at the following redemption price: (i) if the notes are redeemed prior to the date that is three months prior to the Maturity Date, the greater of 100% or the make-whole amount at a discount rate equal to the applicable Treasury Yield (as defined in the Preliminary Prospectus Supplement) plus 12.5 basis points, and (ii) if the notes are redeemed on or after the date that is three months prior to the Maturity Date, 100%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">CUSIP# / ISIN#:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">655844 CK2 / US655844CK21</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>$600,000,000 4.100% Senior Notes due 2121</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Principal Amount:</TD>
    <TD STYLE="vertical-align: top; width: 60%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">$600,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">May 15, 2121</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">1.625% due November 15, 2050</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">85-12 / 2.311%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">T + 180 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">4.111%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">4.100%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: left; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT>Interest Payment Dates:</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; vertical-align: top">May 15 and November 15, commencing November 15, 2021</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">99.737% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Optional Redemption:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Any time at the following redemption price: (i) if the notes&nbsp;&nbsp;are redeemed prior to the date that is six months prior to the Maturity Date, the greater of 100% or the make-whole amount at a discount rate equal to the applicable Treasury Yield (as defined in the Preliminary Prospectus Supplement) plus 30 basis points, and&nbsp;&nbsp;(ii) if the notes are redeemed on or after the date that is six months prior to the Maturity Date, 100%.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">CUSIP# / ISIN#:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">655844 CJ5 / US655844CJ57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Joint Book-Running Managers:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Co-Managers:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Capital One Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Siebert Williams Shank &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">SMBC Nikko Securities America, Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>* Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any time.<BR>
<BR>
</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>The Issuer has filed a registration statement and a prospectus
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest,
you should read the prospectus and the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC
for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web
site at <U>www.sec.gov</U>. Alternatively, the representatives of the underwriters can arrange to send you the prospectus and related
preliminary prospectus supplement if you request it by calling BofA Securities, Inc. at 1-800-294-1322</B>, <B>Morgan Stanley &amp; Co.
LLC at 1-866-718-1649</B>, <B>or Wells Fargo Securities, LLC at 1-800-645-3751. This information does not purport to be a complete description
of these securities or the offering. Please refer to the preliminary prospectus supplement for a complete description of the securities.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such jurisdiction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication
being sent by Bloomberg or another email system.</B></P>

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

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