<SEC-DOCUMENT>0001140361-24-028860.txt : 20240604
<SEC-HEADER>0001140361-24-028860.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240604172727
ACCESSION NUMBER:		0001140361-24-028860
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240604
DATE AS OF CHANGE:		20240604

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:	333-279084
		FILM NUMBER:		241019612

	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
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<DESCRIPTION>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 June 4, 2024 Supplementing the Preliminary Prospectus Supplement dated June 4, 2024</div>
    <div style="text-align: right;">Registration Statement No. 333-279084</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;">$600,000,000 5.081% Notes due 2029 (the &#8220;Notes&#8221;)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0dac4983d49c45fda0266eff34947cf5" border="0" cellpadding="3" cellspacing="0">

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">Becton, Dickinson and Company (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Aggregate Principal Amount Offered:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">$600,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">June 7, 2029</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">June 4, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">June 7, 2024 (T+3)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">5.081%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public (Issue Price):</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">0.350%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">5.081%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">+75 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">4.500% due May 31, 2029</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Price:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">100-24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">4.331%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">June 7 and December 7, commencing December 7, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">At any time and from time to time prior to (i) May 7, 2029 (one month prior to the maturity date), the Company may, at its option, redeem the 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 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, in each case, plus 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) May 7, 2029, 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>

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            <td style="text-align: right; vertical-align: top; width: 18pt;">
              <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div style="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 one business day, unless the parties to any such trade expressly agree
                otherwise. Accordingly, purchasers who wish to trade the Notes prior to the 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>
            </td>
          </tr>

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        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Special Mandatory Redemption:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">If (i) the Acquisition is not consummated on or before the Special Mandatory Redemption End Date or (ii) the Company notifies the trustee under the indenture that it will not pursue the consummation of the
              Acquisition, the Company will be required to redeem the Notes at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the special
              mandatory redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Change of Control:</div>
          </td>
          <td style="width: 70%; 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: 30%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN Numbers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">075887 CU1 / US075887CU10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">$1,000 x $1,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Expected Ratings*:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>Moody&#8217;s: Baa2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div>S&amp;P: BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div>Fitch: BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">Citigroup Global Markets Inc.</div>
            <div style="text-align: justify;">Barclays Capital Inc.</div>
            <div style="text-align: justify;">BNP Paribas Securities Corp.</div>
            <div style="text-align: justify;">J.P. Morgan Securities LLC</div>
            <div style="text-align: justify;">Wells Fargo Securities, LLC</div>
            <div style="text-align: justify;">Scotia Capital (USA) Inc.</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: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 70%; 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;">Loop Capital Markets LLC</div>
            <div style="text-align: justify;">R. Seelaus &amp; Co., 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: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Type of Offering:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">SEC Registered</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
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        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-weight: bold;">Concurrent Offerings:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify;">Concurrently with this offering, the Company is also offering &#8364;1,000,000,000 aggregate principal amount of 3.828% Notes due 2032 and Becton Dickinson Euro Finance S.&#224; r.l. (&#8220;BD Finance&#8221;), which is an indirect,
              wholly-owned finance subsidiary of the Company, is offering &#8364;800,000,000 aggregate principal amount of 4.029% Notes due 2036 (collectively, the &#8220;Concurrent Offerings&#8221;).&#160; The notes offered by BD Finance will be fully and unconditionally
              guaranteed on a senior unsecured basis by the Company.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">The Concurrent Offerings are being made by means of separate prospectus supplements 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 Offerings.&#160; The closing of this offering and the Concurrent Offerings are not conditioned on each other.</div>
          </td>
        </tr>

    </table>
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            <td style="text-align: right; vertical-align: top; width: 18pt;">
              <div style="text-align: left;"><font style="font-weight: bold;">*</font></div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div><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>
            </td>
          </tr>

      </table>
    </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 Citigroup
      Global Markets Inc. toll-free at 1-800-831-9146, Barclays Capital Inc. toll-free at 1-888-603-5847, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, J.P. Morgan Securities LLC at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at
      1-800-645-3751.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">This pricing term sheet supplements the preliminary prospectus supplement dated June 4, 2024 relating to the prospectus dated May 2, 2024.&#160; Capitalized terms used in this term sheet but not defined
      herein have the meanings given to them in the preliminary prospectus supplement.</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>
    <br>
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