<SEC-DOCUMENT>0001140361-23-004707.txt : 20230206
<SEC-HEADER>0001140361-23-004707.hdr.sgml : 20230206
<ACCEPTANCE-DATETIME>20230206170228
ACCESSION NUMBER:		0001140361-23-004707
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230206
DATE AS OF CHANGE:		20230206

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BECTON DICKINSON & CO
		CENTRAL INDEX KEY:			0000010795
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				220760120
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-255829
		FILM NUMBER:		23591415

	BUSINESS ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKES
		STATE:			NJ
		ZIP:			07417-1880
		BUSINESS PHONE:		2018476800

	MAIL ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKE
		STATE:			NJ
		ZIP:			07417

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BECTON DICKINSON & CO
		CENTRAL INDEX KEY:			0000010795
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				220760120
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKES
		STATE:			NJ
		ZIP:			07417-1880
		BUSINESS PHONE:		2018476800

	MAIL ADDRESS:	
		STREET 1:		ONE BECTON DR
		CITY:			FRANKLIN LAKE
		STATE:			NJ
		ZIP:			07417
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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    <div style="text-align: right;">Filed pursuant to Rule 433</div>
    <div style="text-align: right;">Issuer Free Writing Prospectus dated February 6, 2023 Supplementing the Preliminary Prospectus Supplement dated February 6, 2023</div>
    <div style="text-align: right;">Registration Statement No. 333-255829</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Pricing Term Sheet</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Becton, Dickinson and Company</div>
    <div style="text-align: center; font-weight: bold;">4.693% Notes due 2028 (the &#8220;Notes&#8221;)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc5ead962203f42f68c0f2984c412432e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">Becton, Dickinson and Company (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Aggregate Principal Amount Offered:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">$800,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">February 13, 2028</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">February 6, 2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">February 13, 2023 (T+5)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">4.693%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public (Issue Price):</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">0.350%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">4.693%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">+88 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">3.500% due January 31, 2028</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">3.813%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">February 13 and August 13, commencing August 13, 2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Make-whole Call:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">15 basis points (prior to January 13, 2028)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Par Call:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">On or after January 13, 2028 (the &#8220;Par Call Date&#8221;) plus accrued and unpaid interest to, but excluding, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">At any time and from time to time prior to the Par Call Date, the Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to the greater of:</div>
            <div>&#160;</div>
            <div style="text-indent: 18pt;">&#8226;</div>
            <div style="margin: -12pt 0px 0px; text-indent: 36pt;">100% of the principal amount of the Notes to be redeemed; and</div>
            <div>&#160; <br>
            </div>
            <div style="text-indent: 18pt;">&#8226;</div>
            <div style="margin: -12pt 0px 0px 36pt;">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a
              semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the date of redemption.</div>
            <div>&#160; <br>
            </div>
            <div style="text-align: justify;">plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">At any time on or after the Par Call Date, the Company may redeem the 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 Notes to
              be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div>
      <hr style="height: 2px; width: 25%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1&#160; </sup>Under Rule 15c6-1 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 any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the second business day preceding the settlement date will be required, by virtue of the fact that the Notes initially settle on the fifth
      business day following the Trade Date, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their date of delivery hereunder should
      consult their advisors. </div>
    <div> <br>
    </div>
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        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Change of Control:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">If a change of control triggering event occurs, unless the Company has exercised its right to redeem the Notes as described under &#8220;Optional Redemption,&#8221; each holder of such Notes will have the right to require
              the Company to repurchase such Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of repurchase.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN Numbers:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">075887 CQ0 / US075887CQ08</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">$1,000 x $1,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Expected Ratings*:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">
            <div>Moody&#8217;s: Baa2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">
            <div>&#160;</div>
            <div>S&amp;P: BBB</div>
            <div> <br>
            </div>
            <div>Fitch: BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">Barclays Capital Inc.</div>
            <div style="text-align: justify;">Citigroup Global Markets Inc.</div>
            <div style="text-align: justify;">Goldman Sachs &amp; Co. LLC</div>
            <div style="text-align: justify;">J.P. Morgan Securities LLC</div>
            <div style="text-align: justify;">Morgan Stanley &amp; Co. LLC</div>
            <div style="text-align: justify;">MUFG Securities Americas Inc.</div>
            <div style="text-align: justify;">U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">Academy Securities, Inc.</div>
            <div style="text-align: justify;">ING Financial Markets LLC</div>
            <div style="text-align: justify;">Intesa Sanpaolo S.p.A.</div>
            <div style="text-align: justify;">KBC Securities USA LLC</div>
            <div style="text-align: justify;">Loop Capital Markets LLC</div>
            <div style="text-align: justify;">PNC Capital Markets LLC</div>
            <div style="text-align: justify;">Siebert Williams Shank &amp; Co., LLC</div>
            <div style="text-align: justify;">Standard Chartered Bank</div>
            <div style="text-align: justify;">TD Securities (USA) LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Type of Offering:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 37.84%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 62.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.84%; vertical-align: top;">
            <div style="font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 62.16%; vertical-align: top;">
            <div style="text-align: justify;">None</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-weight: bold;">* Note:</font> A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">The Company has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest,
      you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these
      documents for free by visiting EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays
      Capital Inc. toll-free at 1-888-603-5847, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, or Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">This pricing term sheet supplements the preliminary prospectus supplement dated February 6, 2023 relating to the prospectus dated May 6, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result
      of this communication being sent via Bloomberg or another email system.</div>
    <div><br>
    </div>
    <br>
    <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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