<SEC-DOCUMENT>0001140361-24-028858.txt : 20240604
<SEC-HEADER>0001140361-24-028858.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240604172541
ACCESSION NUMBER:		0001140361-24-028858
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:		241019574

	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>
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<FILENAME>ny20030306x5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 8pt; font-weight: normal;">&#160;Filed pursuant to Rule 433 </font></div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 8pt; font-weight: normal;">Issuer Free Writing Prospectus dated June 4, 2024 Supplementing the Preliminary Prospectus Supplement dated June 4, 2024 </font></div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 8pt; font-weight: normal;">Registration Statement No. 333-279084</font></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Pricing Term Sheet</div>
    <div style="text-align: center; font-weight: bold;">Becton, Dickinson and Company<br>
      &#8364;1,000,000,000 3.828% Notes due 2032</div>
    <div style="text-align: center;"><font style="font-weight: bold;">(the &#8220;Notes&#8221;)</font><br>
    </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="z6a75421da6f346b685e8aa758bad2fd1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Becton, Dickinson and Company (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Aggregate Principal Amount Offered:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>&#8364;1,000,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>June 7, 2032</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>June 4, 2024</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>June 7, 2024 (T+3)*</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Type of Offering:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon (Interest Rate):</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>3.828%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public (Issue Price):</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>100.000% of principal amount</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>0.400%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>3.828%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark German Government Security:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>+134.5 basis points</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark German Government Security:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>0.000% DBR due February 15, 2032</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark German Government Security Price/Yield:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>82.800% / 2.483%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Mid-Swap Yield:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>2.778%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Mid-Swap Yield:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>+105 basis points</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Annually, on June 7, commencing June 7, 2025.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count Convention:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>ACTUAL/ACTUAL (ICMA)</div>
          </td>
        </tr>

    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>The Notes will be redeemable at the Company&#8217;s option, in whole or in part, at any time and from time to time prior to March 7, 2032 (three months prior to the maturity date), at a redemption price equal to the greater of (1) 100% of the
              principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments on the Notes being redeemed, discounting such payments to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at
              the applicable comparable government bond rate, plus 25&#160;basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date.</div>
            <div>&#160;</div>
            <div>At any time on or after March 7, 2032 (three months prior to the maturity date), the Notes will be redeemable at the Company&#8217;s option, 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>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Redemption for Tax Reasons:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>If, as a result of any change in, or amendment to, the tax laws of the United States, or the official interpretation thereof, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become
              obligated to pay additional amounts with respect to the Notes, the Company may at any time at its option redeem, in whole, but not in part, the Notes at 100% of the principal amount plus accrued and unpaid interest to the date of redemption.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Change of Control:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>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; the Company will be required to make an offer to each holder of the outstanding Notes
              to repurchase all or any portion of such holder&#8217;s Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest to, but excluding, the date of purchase.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Euroclear/Clearstream</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Application will be made to have the Notes listed on the New York Stock Exchange.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Concurrent Offering:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Concurrently with this offering, 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 (the
              &#8220;Concurrent Offering&#8221;).&#160; The notes offered by BD Finance will be fully and unconditionally guaranteed on a senior unsecured basis by the Company.&#160; The Company may, in the near term, also consider pursuing additional capital markets
              transactions, including potential offerings of U.S. dollar-denominated senior notes.</div>
            <div>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 is not conditioned on each other.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Common Code/ISIN:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>283900436 / XS2839004368</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>&#8364;100,000 x &#8364;1,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 36.38%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 63.62%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Stabilization:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Stabilization/FCA</div>
          </td>
        </tr>

    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Citigroup Global Markets Limited</div>
            <div>Barclays Bank PLC</div>
            <div>BNP Paribas</div>
            <div>J.P. Morgan Securities plc</div>
            <div>Wells Fargo Securities International Limited</div>
            <div>MUFG Securities (Europe) N.V.<br>
            </div>
            <div>Scotiabank (Ireland) Designated Activity Company</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.38%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 63.62%; vertical-align: top;">
            <div>Academy Securities, Inc.</div>
            <div>ING Bank N.V, Belgian Branch</div>
            <div>Intesa Sanpaolo IMI Securities Corp.</div>
            <div>Loop Capital Markets LLC</div>
            <div>R. Seelaus &amp; Co., LLC</div>
            <div>Siebert Williams Shank &amp; Co., LLC</div>
            <div>Standard Chartered Bank</div>
            <div>The Toronto-Dominion Bank</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3f646a88fb641e3842ed4b55e785c6e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 5.35pt;"><br>
          </td>
          <td style="width: 35pt; vertical-align: top;">*</td>
          <td style="width: auto; vertical-align: top;">
            <div>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>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The Issuer has filed a registration statement with the SEC (including a prospectus and a preliminary prospectus supplement), 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 Issuer has filed with the SEC for more complete information about the Guarantor, the Issuer and this
      offering. You may get these documents for free by visiting EDGAR on the SEC Web site at <u>http://www.sec.gov.</u> Alternatively, the Issuer,&#160; any underwriter or any dealer participating in the offering will arrange to send you the
      prospectus if you request it by contacting Citigroup Global Markets Limited toll-free at 1-800-831-9146, Barclays Bank PLC toll-free at 1-888-603-5847, BNP Paribas toll-free at 1-800-854-5674, J.P. Morgan Securities plc at +44-20-7134-2468 or Wells
      Fargo Securities International Limited at +44-20-3942-8530.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">This pricing term sheet supplements the preliminary prospectus supplement dated June 4, 2024 relating to the prospectus dated May 2, 2024.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">MiFID II and/or the UK MiFIR Product Governance Rules&#160;professionals/ECPs-only / No PRIIPs KID &#8211; Manufacturer target market (MIFID II product governance and/or the UK MiFIR
      Product Governance Rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail investors in EEA or the United Kingdom. <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">
      <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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