<SEC-DOCUMENT>0001140361-20-014960.txt : 20200629
<SEC-HEADER>0001140361-20-014960.hdr.sgml : 20200629
<ACCEPTANCE-DATETIME>20200626200240
ACCESSION NUMBER:		0001140361-20-014960
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200629
DATE AS OF CHANGE:		20200626

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232928
		FILM NUMBER:		20995623

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10013018x4_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
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    <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">Issuer Free Writing Prospectus<br>
      Filed Pursuant to Rule 433<br>
      Registration No. 333-232928</div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Relating to the Preliminary Prospectus Supplement dated June 25, 2020</div>
    <div style="margin: 4.6pt 0px 0px; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">
      <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Occidental Petroleum Corporation</div>
    <div style="text-align: center; text-indent: -239.05pt; margin-left: 239.05pt; margin-top: 4.6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pricing Term Sheet</div>
    <div style="text-align: center; text-indent: -35.9pt; margin-right: 193.5pt; margin-left: 239.05pt; margin-top: 4.6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">June 26, 2020</div>
    <div style="text-align: center; margin-top: 0.4pt; font-family: 'Times New Roman', Times, serif;">$500,000,000 8.000% Senior Notes due 2025</div>
    <div style="text-align: center; margin-top: 0.4pt; font-family: 'Times New Roman', Times, serif;">$500,000,000 8.500% Senior Notes due 2027</div>
    <div style="text-align: center; margin-top: 0.4pt; font-family: 'Times New Roman', Times, serif;">$1,000,000,000 8.875% Senior Notes due 2030</div>
    <div style="margin-top: 0.4pt;"><br>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Issuer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Occidental Petroleum Corporation (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Trade Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">June 26, 2020</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Settlement Date*:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">July 13, 2020 (T+10)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">8.000% Senior Notes due 2025 (the &#8220;2025 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">8.500% Senior Notes due 2027 (the &#8220;2027 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">8.875% Senior Notes due 2030 (the &#8220;2030 Notes&#8221;)</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Expected Ratings</div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">(Moody&#8217;s/S&amp;P/Fitch)**:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Ba2/BB+/BB</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Principal Amount:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: $500,000,000</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: $500,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: $1,000,000,000</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Maturity Date:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: July 15, 2025</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: July 15, 2027</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: July 15, 2030</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Interest Payment Dates:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021</div>
          </td>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021</div>
          </td>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
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          <td style="width: 30%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Record Dates:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">2025 Notes: July 1 and January 1</div>
          </td>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: July 1 and January 1</div>
          </td>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: July 1 and January 1</div>
          </td>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
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          <td style="width: 30%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Coupon:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">2025 Notes: 8.000% per annum</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: 8.500% per annum</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: 8.875% per annum</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Benchmark Treasury:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: UST 0.25% due June 30, 2025</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: UST 0.5% due June 30, 2027</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: UST 0.625% due May 15, 2030</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: T + 770 bps</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: T + 802 bps</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: T + 824 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Yield to Maturity:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: 8.000%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: 8.500%</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: 8.875%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Initial Price to Public:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: 100.000%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: 100.000%</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: 100.000%</div>
          </td>
        </tr>

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    <div style="text-indent: -156.25pt; margin-right: 43.9pt; margin-left: 162pt; font-family: 'Times New Roman', Times, serif;">Optional Redemption Provisions:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2f1c3efc820146098a6aa9cb5f919831" border="0" cellpadding="0" cellspacing="0">

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          <td rowspan="2" style="width: 10%; vertical-align: top;">&#160;</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">2025 Notes:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Make-Whole Call: UST + 50 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Par Call: On or after April 15, 2025</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td rowspan="2" style="width: 10%; vertical-align: top;">&#160;</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">2027 Notes:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Make-Whole Call: UST + 50 bps</div>
          </td>
        </tr>
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          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Par Call: On or after January 15, 2027</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td rowspan="2" style="width: 10%; vertical-align: top;">&#160;</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">2030 Notes:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Make-Whole Call: UST + 50 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">
            <div style="margin-right: 43.9pt; font-family: 'Times New Roman', Times, serif;">Par Call: On or after January 15, 2030</div>
            <div>&#160;</div>
          </td>
        </tr>

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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za87dd0677b7d402594cc5362c7640b6e" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2025 Notes: 674599 DY8 / US674599DY89</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2027 Notes: 674599 DZ5 / US674599DZ54</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">2030 Notes: 674599 EA9 / US674599EA94</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Joint Active Book-Running Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Citigroup Global Markets Inc.</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">J.P. Morgan Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">RBC Capital Markets, LLC</div>
          </td>
        </tr>
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          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Barclays Capital Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">BofA Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">HSBC Securities (USA) Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">MUFG Securities Americas Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">SG Americas Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;"><br>
            </div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">SMBC Nikko Securities America, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Senior Co-Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">BBVA Securities Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">&#8203;</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Mizuho Securities USA LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Scotia Capital (USA) Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Standard Chartered Bank</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Co-Managers:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">BNP Paribas Securities Corp.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">&#8203;</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Credit Agricole Securities (USA) Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Credit Suisse Securities (USA) LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">PNC Capital Markets LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">TD Securities (USA) LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">BNY Mellon Capital Markets, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">&#8203;</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">CIBC World Markets Corp.</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 6pt;"><font style="font-family: 'Times New Roman', Times, serif;">&#8203;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8203;</font></div>
    <div style="margin-left: 6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">*We expect that delivery of the notes will be made against payment therefor on or about July 13, 2020, which will be the tenth business day following the
      date of pricing of the notes (this settlement cycle being referred to as &#8220;T+10&#8221;). Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade
      expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of this term sheet or the following seven business days will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an
      alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes should consult their own advisors.</div>
    <div><br>
    </div>
    <div style="margin-left: 6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">**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. See &#8220;Risk
      Factors&#8212;Risks Related to the Notes&#8212;Our credit ratings may not reflect all risks of an investment in the notes and there is no protection in the indenture for holders of the notes in the event of a ratings downgrade. A downgrade in our credit rating
      could negatively impact our cost of and ability to access capital.&#8221; in the Company&#8217;s preliminary prospectus supplement dated June 25, 2020.</div>
    <div><br>
    </div>
    <div style="margin-left: 6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Company has filed a registration statement (including a prospectus) and a related preliminary prospectus supplement with the U.S. Securities and
      Exchange Commission (&#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the accompanying prospectus 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 website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in
      the offering will arrange to send you the prospectus and the related preliminary prospectus supplement if you request it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, J.P. Morgan Securities LLC toll-free at 1-866-803-9204, RBC
      Capital Markets LLC collect at 1-646-992-7318 or Wells Fargo Securities, LLC toll-free at 1-800-645-9751.</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="margin-right: 9pt; margin-left: 6pt; margin-top: 0.05pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">This pricing term sheet supplements, and should be read in conjunction with, the Company&#8217;s preliminary prospectus
      supplement dated June 25, 2020 and the accompanying prospectus dated July 31, 2019 and the documents incorporated by reference therein.</div>
    <div><br>
    </div>
    <div style="margin-left: 4.5pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.
      Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system.
      <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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