<SEC-DOCUMENT>0001104659-21-000877.txt : 20210105
<SEC-HEADER>0001104659-21-000877.hdr.sgml : 20210105
<ACCEPTANCE-DATETIME>20210105155057
ACCESSION NUMBER:		0001104659-21-000877
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210105
DATE AS OF CHANGE:		20210105

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KROGER CO
		CENTRAL INDEX KEY:			0000056873
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				310345740
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0130

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231727
		FILM NUMBER:		21505287

	BUSINESS ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
		BUSINESS PHONE:		5137624000

	MAIL ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KROGER CO
		CENTRAL INDEX KEY:			0000056873
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				310345740
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0130

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
		BUSINESS PHONE:		5137624000

	MAIL ADDRESS:	
		STREET 1:		1014 VINE ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45201
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
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<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuer Free Writing Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Statement Number 333-231727&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Kroger Co.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2039191d4_fwpimg001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated January 5, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; width: 50%; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 50%; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Kroger Co.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Senior Notes </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 12, 2021 (T+5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">$2,000 x $1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ratings (Moody&rsquo;s / S&amp;P)*:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Baa1 / BBB </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 15, 2031</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.700%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">UST 0.875% due November 15, 2030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">99-08 / 0.955%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">T + 77 basis points </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.725%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.771% of the principal amount</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">January 15 and July 15, commencing on July 15, 2021&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; padding-bottom: 3pt; text-align: justify">Make-whole Call:</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Treasury Rate plus 15 basis points (prior to October 15, 2030)</FONT></TD></TR>
<TR STYLE="font-size: 3pt; vertical-align: top">
    <TD STYLE="font-size: 3pt; padding-left: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; padding-bottom: 3pt; text-align: justify">Par Call:</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">On or after October 15, 2030 (3 months prior to maturity)</FONT></TD></TR>
<TR STYLE="font-size: 5pt; vertical-align: top">
    <TD STYLE="font-size: 3pt; padding-left: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">501044DQ10 / US501044DQ10</FONT></TD></TR>
<TR STYLE="font-size: 3pt; vertical-align: top">
    <TD STYLE="font-size: 3pt; padding-left: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify">Joint Book-Running Managers:</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">U.S. Bancorp
        Investments, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">BofA Securities,
        Inc.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 3pt; text-align: justify"></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt">Citigroup
        Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.9pt; text-align: justify; text-indent: -65.9pt"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Mizuho
Securities USA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Santander
Investment Securities Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Wells
Fargo Securities, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">Co-Managers:</TD>
    <TD>BNY Mellon
        Capital Markets, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Fifth
Third Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Goldman
Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>MUFG
Securities Americas Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>PNC
Capital Markets LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>RBC
Capital Markets, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Truist
Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD>Academy
Securities, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>*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.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The issuer has filed a registration
statement (including a prospectus) with the SEC 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
if you request it by calling U.S. Bancorp Investments, Inc. toll-free at (877) 558-2607, BofA Securities, Inc. toll-free at (800)
294-1322, Citigroup Global Markets Inc. toll-free at (800) 831-9146, Mizuho Securities USA LLC toll-free at (866) 271-7403, Santander
Investment Securities Inc. toll-free at (855) 403-3636 and Wells Fargo Securities, LLC toll-free at (800) 645-3751.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We expect that delivery of the notes
will be made against payment therefor on or about the settlement date specified above, which will be the fifth business day following
the date of this term sheet. Under Rule 15c6-1 of the Securities and Exchange Commission under the Securities Exchange Act of 1934,
trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of this term sheet or the next two succeeding
business days will be required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternate settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes on the
date hereof or the next two succeeding business days should consult their own advisor.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any disclaimer or other notice that
may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically
generated as a result of this communication being sent by Bloomberg or another email system.</B></P>

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
