<SEC-DOCUMENT>0001140361-24-005716.txt : 20240205
<SEC-HEADER>0001140361-24-005716.hdr.sgml : 20240205
<ACCEPTANCE-DATETIME>20240205172626
ACCESSION NUMBER:		0001140361-24-005716
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240205
DATE AS OF CHANGE:		20240205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BECTON DICKINSON & CO
		CENTRAL INDEX KEY:			0000010795
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		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:		24596938

	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]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		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
<SEQUENCE>1
<FILENAME>ny20020446x5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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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 5, 2024 Supplementing the Preliminary Prospectus Supplement dated February 5, 2024</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;">$625,000,000 4.874% Notes due 2029 (the &#8220;2029 Notes&#8221;)</div>
    <div style="text-align: center; font-weight: bold;">$550,000,000 5.110% Notes due 2034 (the &#8220;2034 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: rgb(0, 0, 0);" id="z6fc9fd01c4b24909b387e0460dc25a3e" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Becton, Dickinson and Company (the &#8220;Company&#8221;)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Aggregate Principal Amount Offered:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">$625,000,000 (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">$550,000,000 (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 8, 2029 (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 8, 2034 (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 5, 2024</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 8, 2024 (T+3)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.874% (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5.110% (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Price to Public (Issue Price):</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">100.000% of principal amount (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">100.000% of principal amount (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">0.350% (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">0.650% (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.874% (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5.110% (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">+75 basis points (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">+95 basis points (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.000% due January 31, 2029 (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.500% due November 15, 2033 (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Benchmark Treasury Price:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">99-14&#188; (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">102-22+ (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.124% (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.160% (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 8 and August 8, commencing August 8, 2024 (2029 Notes)</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 8 and August 8, commencing August 8, 2024 (2034 Notes)</div>
          </td>
        </tr>

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      <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
      <div style="margin: -9px 0px 0px 9pt; font-size: 9pt; text-align: justify;">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 2029 Notes and 2034 Notes (together, the &#8220;Notes&#8221;) 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 third 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 style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"> <br>
      </div>
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        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">30/360 (2029 Notes and 2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">At any time and from time to time prior to (i) <font style="color: #000000;">January 8</font>, 20<font style="color: #000000;">29</font> (<font style="color: #000000;">one </font>month prior to the maturity
              date of the 2029 Notes) or <font style="color: #000000;">November 8</font>, 20<font style="color: #000000;">33</font> (three<font style="color: #000000;">&#160;</font>months prior to the maturity date of the 2034 Notes) the Company may, at its
              option, redeem each series of Notes, in whole or in part, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed; and (2)(a) the sum of the present values of the remaining scheduled payments
              of principal and interest thereon discounted to the redemption date (assuming each series of Notes matured on its respective Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
              Rate plus (x) 15 basis points for the 2029 Notes and (y) 15 basis points for the 2034 Notes, in each case, less (b) interest accrued to the date of redemption, plus, in each case, accrued and unpaid interest thereon to, but excluding, the
              applicable redemption date.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">At any time on or after (i) January 8, 2029 (the &#8220;2029 Par Call Date&#8221;) or (ii) November 8, 2033 (the &#8220;2034 Par Call Date&#8221;), the Company may redeem the 2029 Notes or 2034 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 applicable series of Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date of such Notes.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Change of Control:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">If a change of control triggering event occurs in respect of a series of Notes, 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>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN Numbers:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">075887CR8 / US075887CR80 (2029 Notes)</div>
            <div style="text-align: justify;">075887CS6 / US075887CS63 (2034 Notes)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">$1,000 x $1,000</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Expected Ratings*:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div>Moody&#8217;s: Baa2</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">&#160;</td>
          <td style="width: 66%; vertical-align: top;">
            <div>S&amp;P: BBB</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">&#160;</td>
          <td style="width: 66%; vertical-align: top;">
            <div>Fitch: BBB</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">Barclays Capital Inc.</div>
            <div style="text-align: justify;">BNP Paribas Securities Corp.</div>
            <div style="text-align: justify;">Citigroup Global Markets Inc.</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;">Goldman Sachs &amp; Co. LLC</div>
            <div style="text-align: justify;">Scotia Capital (USA) Inc.</div>
            <div style="text-align: justify;">Wells Fargo Securities, LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 66%; 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 IMI Securities Corp.</div>
            <div style="text-align: justify;">KBC Bank NV</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>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Type of Offering:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">SEC Registered</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;">None</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">Concurrent Offering:</div>
          </td>
          <td style="width: 66%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: #000000;">Concurrently with this offering, the Company is offering &#8364;</font>750,000,000<font style="color: #000000;"> aggregate principal amount of 3.519% Notes due 2031 (the &#8220;Concurrent
                Offering&#8221;).&#160; The Concurrent Offering is being made by means of a separate prospectus supplement and not by means of the prospectus supplement to which this pricing term sheet relates. This communication is not an offer to sell or a
                solicitation of an offer to buy any securities being offered in the Concurrent Offering.&#160; The closing of this offering and the concurrent offering are not conditioned on each other.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin: 0px 0px 0px 9pt;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">* Note:</font><font style="font-size: 9pt;"> A securities rating is not a recommendation to buy, sell or hold securities
        and may be subject to revision or withdrawal at any time.</font></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, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, J.P. Morgan Securities LLC at 1-212-834-4533 or Morgan Stanley &amp; Co. LLC at
      1-866-718-1649.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">This pricing term sheet supplements the preliminary prospectus supplement dated February 5, 2024 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>
  </div>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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