<SEC-DOCUMENT>0001552781-23-000457.txt : 20231120
<SEC-HEADER>0001552781-23-000457.hdr.sgml : 20231120
<ACCEPTANCE-DATETIME>20231120165013
ACCESSION NUMBER:		0001552781-23-000457
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231120
DATE AS OF CHANGE:		20231120

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:		231423377

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>e23465_nsc-fwp.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: -0.25in">Filed Pursuant
to Rule 433</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: -0.25in">Free Writing Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: -0.25in">Registration Statement
No. 333-252723</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center; text-indent: -0.25in">Pricing Term
Sheet<BR>
Dated as of November 20, 2023</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center; text-indent: -0.25in">Norfolk Southern
Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.25in">$400,000,000 5.550%
Senior Notes due 2034</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center; text-indent: -0.25in">$600,000,000
5.950% Senior Notes due 2064</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 November 20, 2023 (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: 6pt; width: 35%">Issuer:</TD>
    <TD STYLE="vertical-align: top; width: 65%">Norfolk Southern Corporation</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Format: </TD>
    <TD STYLE="vertical-align: top">SEC Registered</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expected Ratings* (Moody&rsquo;s/S&amp;P):</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Baa1/BBB+</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Denominations:</TD>
    <TD STYLE="vertical-align: top">$2,000 x $1,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Trade Date:</TD>
    <TD STYLE="vertical-align: top">November 20, 2023</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Settlement Date:</TD>
    <TD>November 22, 2023 (T+2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B><U>$400,000,000 5.550% Senior Notes due 2034</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Principal Amount:</TD>
    <TD STYLE="vertical-align: top">$400,000,000 </TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top">March 15, 2034</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Benchmark Treasury:</TD>
    <TD>4.500% due November 15, 2033 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Benchmark Treasury Price / Yield:</TD>
    <TD>100-18+ / 4.428% </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top">T + 112.5 basis points</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top">5.553%&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Coupon:</TD>
    <TD STYLE="vertical-align: top">5.550%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Interest Payment Dates:</TD>
    <TD>March 15 and September 15, commencing March 15, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top">99.985% of the principal amount </TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Optional Redemption:</TD>
    <TD>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 20 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: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">CUSIP / ISIN:</TD>
    <TD STYLE="vertical-align: top">655844 CT3 / US655844CT30</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(226,224,224) 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B><U>$600,000,000 5.950% Senior Notes due 2064</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; width: 35%">Principal Amount:</TD>
    <TD STYLE="vertical-align: top; width: 65%">$600,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Maturity Date:</TD>
    <TD STYLE="vertical-align: top">March 15, 2064 </TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Benchmark Treasury:</TD>
    <TD>4.125% due August 15, 2053 &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Benchmark Treasury Price / Yield:</TD>
    <TD>92-14 / 4.594% </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="vertical-align: top">T + 137.5 basis points </TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Yield to Maturity:</TD>
    <TD STYLE="vertical-align: top">5.969%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Coupon:</TD>
    <TD STYLE="vertical-align: top">5.950% </TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Interest Payment Dates:</TD>
    <TD>March 15 and September 15, commencing March 15, 2024 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">Public Offering Price:</TD>
    <TD STYLE="vertical-align: top">99.721% of the principal amount</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Optional Redemption:</TD>
    <TD>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: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">CUSIP / ISIN:</TD>
    <TD STYLE="vertical-align: top">655844 CU0 / US655844CU03</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Joint Book-Running Managers:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Co-Managers:</TD>
    <TD>
    <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">SMBC Nikko Securities America, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(226,224,224) 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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, 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(226,224,224) 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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