<SEC-DOCUMENT>0001552781-22-000442.txt : 20220602
<SEC-HEADER>0001552781-22-000442.hdr.sgml : 20220602
<ACCEPTANCE-DATETIME>20220602165650
ACCESSION NUMBER:		0001552781-22-000442
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220602
DATE AS OF CHANGE:		20220602

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:		22991655

	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
<FILENAME>e22337_nsc-fwp.htm
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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 June 2, 2022</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">$750,000,000 4.550% 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 June 2, 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="padding-right: 10pt; width: 35%">Issuer:</TD>
    <TD STYLE="vertical-align: top; width: 65%">Norfolk Southern Corporation</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Format: </TD>
    <TD STYLE="vertical-align: top">SEC Registered</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Expected Ratings* (Moody&rsquo;s/S&amp;P):</TD>
    <TD STYLE="vertical-align: top">Baa1/BBB+</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Denominations:</TD>
    <TD STYLE="vertical-align: top">$2,000 x $1,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Trade Date:</TD>
    <TD STYLE="vertical-align: top">June 2, 2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Settlement Date:</TD>
    <TD>June 13, 2022 (T+7); under Rule&nbsp;15c6-1&nbsp;under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes before the second business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Principal Amount:</TD>
    <TD STYLE="vertical-align: top">$750,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top">June 1, 2053</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Benchmark Treasury:</TD>
    <TD>2.250% due February 15, 2052</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Benchmark Treasury Price / Yield:</TD>
    <TD>83-18 / 3.101%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top">T + 145 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top">4.551%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Coupon:</TD>
    <TD STYLE="vertical-align: top">4.550%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Interest Payment Dates:</TD>
    <TD>June 1 and December 1, commencing December 1, 2022 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top">99.985% of the principal amount</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 10pt; width: 35%">Optional Redemption:</TD>
    <TD STYLE="width: 65%">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 25 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: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">CUSIP / ISIN:</TD>
    <TD STYLE="vertical-align: top">655844 CP1/ US655844CP18</TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Joint Book-Running Managers:</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">BofA Securities, Inc.</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">Co-Managers:</TD>
    <TD>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">&nbsp;</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>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">&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">&nbsp;</P>

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