<SEC-DOCUMENT>0001140361-25-019796.txt : 20250519
<SEC-HEADER>0001140361-25-019796.hdr.sgml : 20250519
<ACCEPTANCE-DATETIME>20250519172327
ACCESSION NUMBER:		0001140361-25-019796
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250519
DATE AS OF CHANGE:		20250519

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000943452
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				251615902
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275386
		FILM NUMBER:		25965174

	BUSINESS ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212
		BUSINESS PHONE:		4128251000

	MAIL ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WABTEC CORP
		DATE OF NAME CHANGE:	20000114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTINGHOUSE AIR BRAKE CO /DE/
		DATE OF NAME CHANGE:	19950404

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000943452
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				251615902
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212
		BUSINESS PHONE:		4128251000

	MAIL ADDRESS:	
		STREET 1:		30 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WABTEC CORP
		DATE OF NAME CHANGE:	20000114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTINGHOUSE AIR BRAKE CO /DE/
		DATE OF NAME CHANGE:	19950404
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20048743x5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <div style="text-align: right; font-style: italic;">Issuer Free Writing Prospectus</div>
    <div style="text-align: right; font-style: italic;">(relating to Preliminary Prospectus Supplement dated</div>
    <div style="text-align: right; font-style: italic;">May 19, 2025 and Prospectus dated November 8, 2023)</div>
    <div style="text-align: right; font-style: italic;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; font-style: italic;">Registration Number 333-275386</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Final Term Sheet</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">$500,000,000 4.900% Senior Notes due 2030 (the &#8220;2030 Notes&#8221;)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">$750,000,000 5.500% Senior Notes due 2035 (the &#8220;2035 Notes&#8221; and, together with the 2030 Notes, the &#8220;Notes&#8221;)</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This pricing term sheet (the &#8220;Pricing Term Sheet&#8221;) relates only to the Notes described below and should be read together with Westinghouse Air Brake Technologies Corporation&#8217;s preliminary prospectus supplement dated May
      19, 2025 (the &#8220;Preliminary Prospectus Supplement&#8221;), the accompanying prospectus dated November 8, 2023 (the &#8220;Base Prospectus&#8221;) and the documents incorporated and deemed to be incorporated by reference therein. The information in this Pricing Term
      Sheet supplements the Preliminary Prospectus Supplement and the Base Prospectus and supersedes the information contained in the Preliminary Prospectus Supplement and the Base Prospectus to the extent inconsistent with the information included or
      incorporated by reference therein. Capitalized terms used in this Pricing Term Sheet but not defined have the meanings given them in the Preliminary Prospectus Supplement.</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="z0412cecbd265424587f6a7af3fed975c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>Westinghouse Air Brake Technologies Corporation</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Legal Format:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>SEC-Registered</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Size:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: $500,000,000</div>
            <div>2035 Notes: $750,000,000</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Expected Ratings:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>Moody&#8217;s:&#160; Baa2 (Stable Outlook)</div>
            <div>S&amp;P:&#160; BBB (Stable Outlook)</div>
            <div>Fitch:&#160; BBB (Stable Outlook)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Maturity Date:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: May 29, 2030</div>
            <div>2035 Notes: May 29, 2035</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Coupon (Interest Rate):</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 4.900%</div>
            <div>2035 Notes: 5.500%</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 4.913%</div>
            <div>2035 Notes: 5.509%</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: T + 85 bps</div>
            <div>2035 Notes: T + 105 bps</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 3.875% due April 30, 2030</div>
            <div>2035 Notes: 4.250% due May 15, 2035</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Benchmark Treasury Price and Yield:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 99-05 <font data-teams="true">&#188;</font><sub style="vertical-align: bottom; line-height: 1; font-size: smaller;"></sub> / 4.063%</div>
            <div>2035 Notes: 98-10+ / 4.459%</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: May 29 and November 29, beginning on November 29, 2025</div>
            <div>2035 Notes: May 29 and November 29, beginning on November 29, 2025</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Day Count Convention:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>30 / 360</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Business Day Convention:</div>
            <div>&#160;</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>Following, Unadjusted</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Par Call Date:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: April 29, 2030 (the date that is one month prior to the maturity date)</div>
            <div>2035 Notes: March 1, 2035 (the date that is three months prior to the maturity date)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Optional Redemption:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>Prior to the Par Call Date, the Issuer may redeem either series of Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
              decimal places) equal to the greater of:</div>
            <div>&#160;</div>
            <div style="text-indent: -18pt; margin-left: 36pt;">(1)
              <div style="margin: -16px 0px 0px; text-indent: 0px;">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the applicable series of 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 <font style="font-style: italic;">plus</font> 15 basis points in the case of the 2030 Notes and 20 basis points
                in the case of the 2035 Notes <font style="font-style: italic;">less</font> (b) interest accrued thereon to the date of redemption, and</div>
            </div>
            <div>&#160;</div>
            <div style="text-indent: -18pt; margin-left: 36pt;">(2)</div>
            <div style="margin: -16px 0px 0px 36pt;">100% of the principal amount of the applicable series of Notes to be redeemed,</div>
            <div>&#160;</div>
            <div><font style="font-style: italic;">plus</font>, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.</div>
            <div>&#160;</div>
            <div>On or after the Par Call Date, the Issuer may redeem either series of Notes at its 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 applicable series of
              Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.</div>
            <div>&#160;</div>
            <div>See the Preliminary Prospectus Supplement for the definition of &#8220;Treasury Rate&#8221; and for further terms and provisions applicable to optional redemption.</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>CUSIP / ISIN:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 960386 AS9 / US960386AS98</div>
            <div>2035 Notes: 960386 AT7 / US960386AT71</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Price to Public:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>2030 Notes: 99.943%</div>
            <div>2035 Notes: 99.932%</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>May 19, 2025</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Settlement Date:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>May 29, 2025 (T+7)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>BNP Paribas Securities Corp.</div>
            <div>BofA Securities, Inc.</div>
            <div>HSBC Securities (USA) Inc.</div>
            <div>J.P. Morgan Securities LLC</div>
            <div>PNC Capital Markets LLC</div>
            <div>Citigroup Global Markets Inc.</div>
            <div>Credit Agricole Securities (USA) Inc.</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>Scotia Capital (USA) Inc.</div>
            <div>SG Americas Securities, LLC</div>
            <div>TD Securities (USA) LLC</div>
            <div>WauBank Securities LLC</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>BMO Capital Markets Corp.</div>
            <div>Goldman Sachs &amp; Co. LLC</div>
            <div>Huntington Securities, Inc.</div>
            <div>Morgan Stanley &amp; Co. LLC</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.7%; vertical-align: top;">
            <div>Co-Managers:</div>
          </td>
          <td style="width: 57.3%; vertical-align: top;">
            <div>Dollar Bank, Federal Savings Bank</div>
            <div>Northwest Bank</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>
      <hr style="height: 1px; width: 25%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    <div><br>
    </div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> 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>
    <div><br>
    </div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> We expect that delivery of the Notes will be made against payment therefor on or about the settlement date specified in this final term sheet, which will be the
      seventh business day following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+7&#8221;).&#160; Pursuant to 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 that trade expressly agree otherwise.&#160; Accordingly, purchasers who wish to trade the Notes prior to the first business day before settlement will be required, by virtue of the fact that the Notes initially will
      settle in T+7, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.</div>
    <div><br>
    </div>
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    <div>The Issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) for the offering to which this communication relates.&#160; Before you
      invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the Issuer has filed with the Commission for more complete information about the issuer and this offering.&#160; You
      should rely on the prospectus, prospectus supplement and any relevant free writing prospectus or pricing supplement for complete details.&#160; You may get these documents for free by visiting EDGAR on the Commission website at www.sec.gov.&#160;
      Alternatively, copies of the prospectus and the prospectus supplement may be obtained by contacting BNP Paribas Securities Corp. toll-free at 1-800-854-5674, BofA Securities, Inc. toll-free at 1-800-294-1322, HSBC Securities (USA) Inc. toll-free at
      1-866-811-8049 or J.P. Morgan Securities LLC (collect) at 1-212-834-4533.</div>
    <div><br>
    </div>
    <div>Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.&#160; Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg
      or another email system.</div>
    <div><br>
    </div>
    <div>
      <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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