<SEC-DOCUMENT>0001104659-24-097437.txt : 20240905
<SEC-HEADER>0001104659-24-097437.hdr.sgml : 20240905
<ACCEPTANCE-DATETIME>20240905171438
ACCESSION NUMBER:		0001104659-24-097437
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240905
DATE AS OF CHANGE:		20240905

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			W.W. GRAINGER, INC.
		CENTRAL INDEX KEY:			0000277135
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DURABLE GOODS [5000]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				361150280
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271476
		FILM NUMBER:		241282186

	BUSINESS ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045-5201
		BUSINESS PHONE:		847-535-1000

	MAIL ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAINGER W W INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			W.W. GRAINGER, INC.
		CENTRAL INDEX KEY:			0000277135
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DURABLE GOODS [5000]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				361150280
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045-5201
		BUSINESS PHONE:		847-535-1000

	MAIL ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAINGER W W INC
		DATE OF NAME CHANGE:	19920703
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Filed Pursuant to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Registration&nbsp;No.&nbsp;333-271476</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September&nbsp;5, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.450</FONT>%
Senior Notes due September&nbsp;15, 2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt; width: 59%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W.W. Grainger,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings (Moody&rsquo;s
    / S&amp;P):*</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A2 (Stable) / A+ (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon (Interest Rate):&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.450</FONT><FONT STYLE="font-size: 10pt">%
    per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.896</FONT><FONT STYLE="font-size: 10pt">%
    of Principal Amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.463%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875</FONT><FONT STYLE="font-size: 10pt">%
    due August&nbsp;15, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:
    </FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+73</FONT> <FONT STYLE="font-size: 10pt">basis
    points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price
    / Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101-05+</FONT> <FONT STYLE="font-size: 10pt">/
    3.733%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;</FONT><FONT STYLE="font-size: 10pt">15
    and September&nbsp;15, commencing March&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-whole Call:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to </FONT><FONT STYLE="font-size: 10pt">June&nbsp;15,
    2034, make-whole call at Treasury rate plus 15 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after </FONT><FONT STYLE="font-size: 10pt">June&nbsp;15,
    2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;5, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;12, 2024
    </FONT><FONT STYLE="font-size: 10pt">(T+5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">384802 AF1</FONT> <FONT STYLE="font-size: 10pt">/
    US384802AF19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BofA Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">J.P.
    Morgan Securities LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Wells
    Fargo Securities, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">RBC
    Capital Markets, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">U.S.
    Bancorp Investments,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Lloyds Securities Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">PNC Capital Markets LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Academy Securities,&nbsp;Inc. (acting
    on behalf of Northern Trust)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Loop Capital Markets LLC </FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ING Financial Markets LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BBVA Securities Inc.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Note: An explanation of the significance of ratings may be obtained
from the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own investigations,
studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy, sell or hold the securities
offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal at any time by the rating agencies.
Each of the security ratings above should be evaluated independently of any other security rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, as
amended, 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 before the date of delivery will be required,
by virtue of the fact that the notes initially settle in T+5, 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 the business day before the date of delivery
should consult their advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The issuer has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and supplement(s)&nbsp;thereto,
if you request it by calling BofA Securities,&nbsp;Inc. toll-free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533
and Wells Fargo Securities, LLC toll-free at 1-800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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