<SEC-DOCUMENT>0001552781-22-000163.txt : 20220215
<SEC-HEADER>0001552781-22-000163.hdr.sgml : 20220215
<ACCEPTANCE-DATETIME>20220215172011
ACCESSION NUMBER:		0001552781-22-000163
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220215
DATE AS OF CHANGE:		20220215

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:		22640235

	BUSINESS ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		470-463-6807

	MAIL ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308

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:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		470-463-6807

	MAIL ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 12pt; text-align: center">Pricing Term Sheet<BR>
Dated as of February 15, 2022</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Norfolk Southern Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">$600,000,000 3.000% Senior Notes due 2032<BR>
$400,000,000 3.700% Senior Notes due 2053</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 February 15, 2022 (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: 40%; padding-right: 5.4pt">Issuer:</TD>
    <TD STYLE="vertical-align: top; width: 60%; padding-right: 5.4pt">Norfolk Southern Corporation</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Format: </TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">SEC Registered</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Expected Ratings* (Moody&rsquo;s/S&amp;P):</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">Baa1/BBB+</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Denominations:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">$2,000 x $1,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Trade Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">February 15, 2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Settlement Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">February 25, 2022 (T+7)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><B><U>$600,000,000 3.000% Senior Notes due 2032</U></B></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><B>&nbsp;</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Principal Amount:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">$600,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">March 15, 2032</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt">1.875% due February 15, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="padding-right: 5.4pt">98-13+ / 2.050%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">T + 95 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">3.000%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Coupon:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">3.000%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt">March 15 and September 15, commencing September 15, 2022 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">99.999% of the principal amount</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Optional Redemption:</TD>
    <TD STYLE="padding-right: 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 15 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 STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">CUSIP / ISIN:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">655844 CM8 / US655844CM86</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><B><U>$400,000,000 3.700% Senior Notes due 2053</U></B></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><B>&nbsp;</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; width: 40%">Principal Amount:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; width: 60%">$400,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">March 15, 2053</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt">1.875% due November 15, 2051</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="padding-right: 5.4pt">89-07+ / 2.382%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">T + 135 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">3.732%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Coupon:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">3.700%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt">March 15 and September 15, commencing September 15, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">99.412% of the principal amount</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Optional Redemption:</TD>
    <TD STYLE="padding-right: 5.4pt">Any time at the following redemption price: (i) if the notes 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 20 basis points, and (ii) if the notes are redeemed on or after the date that is six months prior to the Maturity Date, 100%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">CUSIP / ISIN:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">655844 CN6 / US655844CN69</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding-right: 5.4pt; vertical-align: top">Joint Book-Running Managers:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">Citigroup Global Markets Inc.<BR>
Goldman Sachs &amp; Co. LLC<BR>
U.S. Bancorp Investments, Inc.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding-right: 5.4pt; vertical-align: top">Co-Managers:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">Capital One Securities, Inc.<BR>
Fifth Third Securities, Inc. <BR>
MUFG Securities Americas Inc.<BR>
PNC Capital Markets LLC<BR>
Siebert Williams Shank &amp; Co., LLC<BR>
SMBC Nikko Securities America, Inc.</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.</B></P>

<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></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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 Citigroup Global Markets Inc. at 1-800-831-9146, Goldman Sachs &amp; Co.
LLC at 1-866-471-2526</B>, <B>or U.S. Bancorp Investments, Inc. at 1-877-558-2607. 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">&nbsp;</P>

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

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

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