<SEC-DOCUMENT>0001193125-20-228136.txt : 20200824
<SEC-HEADER>0001193125-20-228136.hdr.sgml : 20200824
<ACCEPTANCE-DATETIME>20200824141859
ACCESSION NUMBER:		0001193125-20-228136
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200824
DATE AS OF CHANGE:		20200824

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPG INDUSTRIES INC
		CENTRAL INDEX KEY:			0000079879
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				250730780
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232895
		FILM NUMBER:		201126833

	BUSINESS ADDRESS:	
		STREET 1:		ONE PPG PL 40 EAST
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15272
		BUSINESS PHONE:		4124343131

	MAIL ADDRESS:	
		STREET 1:		ONE PPG PL 40 EAST
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15272

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PITTSBURGH PLATE GLASS CO
		DATE OF NAME CHANGE:	19681219

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPG INDUSTRIES INC
		CENTRAL INDEX KEY:			0000079879
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				250730780
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PPG PL 40 EAST
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15272
		BUSINESS PHONE:		4124343131

	MAIL ADDRESS:	
		STREET 1:		ONE PPG PL 40 EAST
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15272

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PITTSBURGH PLATE GLASS CO
		DATE OF NAME CHANGE:	19681219
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Free Writing Prospectus </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-232895</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>August&nbsp;24, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PPG INDUSTRIES, INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PPG Industries, Inc.</TD></TR>
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<TD VALIGN="top"><B>Title of Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.750% Senior Notes due 2028</TD></TR>
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<TD VALIGN="top"><B>Long-Term Debt Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s: A3 (negative outlook)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">S&amp;P:
BBB+ (negative outlook) <BR>Fitch: <FONT STYLE="white-space:nowrap">A-</FONT> (negative outlook)</P></TD></TR>
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<TD VALIGN="top"><B>Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SEC-Registered</FONT></TD></TR>
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<TD VALIGN="top"><B>Principal Amount Offered:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$100,000,000</TD></TR>
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<TD VALIGN="top"><B>Original Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">There is currently outstanding $700,000,000 in aggregate principal amount of 3.750% Notes due 2028 that were issued on February&nbsp;27, 2018. After giving effect to this issuance, $800,000,000 in aggregate principal amount of the
3.750% Notes due 2028 will be outstanding. The notes offered hereby will be fungible with the previously issued notes of this series and both the notes offered hereby and such previously issued notes, taken together, will be treated as a single
series for all purposes.</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;24, 2020</TD></TR>
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<TD VALIGN="top"><B>Settlement Date (T+2):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">August&nbsp;26, 2020</TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15, 2028</TD></TR>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">119.819% of the principal amount offered, plus accrued interest of $1,677,083.33 from, and including, March&nbsp;15, 2020</TD></TR>
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<TD VALIGN="top"><B>Coupon:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.750% per annum</TD></TR>
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<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.936%</TD></TR>
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<TD VALIGN="top"><B>Spread to Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T + 30 bps</TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.625% UST due August&nbsp;15, 2030</TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury Price and Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">99-28+;</FONT> 0.636%</TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semiannually in arrears on each March&nbsp;15 and September&nbsp;15, commencing on September&nbsp;15, 2020</TD></TR>
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<TD VALIGN="top"><B>Make-Whole Call:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Prior to December&nbsp;15, 2027 (the date that is three months prior to maturity), the greater of par or make-whole at Treasury Rate (as defined in the prospectus supplement) plus 15 bps</TD></TR>
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<TD VALIGN="top"><B>Par Call:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On or after December&nbsp;15, 2027</TD></TR></TABLE>
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<TD VALIGN="top"><B>CUSIP/ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">693506BP1 / US693506BP19</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA Securities
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SMBC Nikko Securities America,
Inc.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating
agencies base their ratings on such materials and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the notes should be evaluated independently from similar ratings of other
securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This final term sheet supplements, and should be read in conjunction with, the issuer&#146;s preliminary prospectus supplement dated
August&nbsp;24, 2020 and accompanying base prospectus dated February&nbsp;24, 2020. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This communication is for informational
purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer to buy securities described herein can be accepted, and no part of the purchase price thereof can be received, unless the person
making such investment decision has received and reviewed the information contained in the relevant prospectus in making their investment decisions. 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 supplement and accompanying prospectus related to 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 J.P. Morgan Securities LLC collect at +1 (212) <FONT STYLE="white-space:nowrap">834-4533.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>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. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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