<SEC-DOCUMENT>0001437749-25-007068.txt : 20250311
<SEC-HEADER>0001437749-25-007068.hdr.sgml : 20250311
<ACCEPTANCE-DATETIME>20250311172512
ACCESSION NUMBER:		0001437749-25-007068
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250311
DATE AS OF CHANGE:		20250311

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUNT J B TRANSPORT SERVICES INC
		CENTRAL INDEX KEY:			0000728535
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				710335111
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-270011
		FILM NUMBER:		25728867

	BUSINESS ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DR
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745
		BUSINESS PHONE:		479-820-0000

	MAIL ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DRIVE
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUNT J B TRANSPORT SERVICES INC
		CENTRAL INDEX KEY:			0000728535
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				710335111
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DR
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745
		BUSINESS PHONE:		479-820-0000

	MAIL ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DRIVE
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745
</SEC-HEADER>
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	<title>jbht20250311_fwp.htm</title>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Free Writing Prospectus</b><br>
<b>Filed pursuant to Rule 433</b><br>
<b>Relating to</b><br>
<b>Preliminary Prospectus Supplement dated March 11, 2025 to</b><br>
<b>Prospectus dated February 24, 2023</b><br>
<b>Registration Statement No. 333-270011</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>J.B. Hunt Transport Services, Inc.</b><br>
<b>$750,000,000 4.900% Senior Notes due 2030 (the </b>&#8220;<b>Notes</b>&#8221;<b>)</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>PRICING TERM SHEET</u></b><br>
<b>Dated March 11, 2025</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Issuer:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">J.B. Hunt Transport Services, Inc.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Guarantor:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">J.B. Hunt Transport, Inc.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Title of Securities:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.900% Senior Notes due 2030</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Expected Ratings:*</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Baa1 (Stable) / BBB+ (Stable) (Moody&#8217;s / S&amp;P)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities Type:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SEC-registered</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Principal Amount Offered:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">$750,000,000</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Trade Date:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">March 11, 2025</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Settlement Date (T+2)**:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">March 13, 2025</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Maturity Date:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">March 15, 2030</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Benchmark Treasury:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.000% UST due February 28, 2030</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Benchmark Treasury Price / Yield:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">100-00&#188;&nbsp;/ 3.998%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Spread to Benchmark Treasury:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">+95 bps</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Interest Rate:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.900%</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Yield to Maturity:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.948%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Interest Payment Dates:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Semi-annually on March 15 and September 15, starting on September 15, 2025, and ending on the Maturity Date</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Price to Public:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">99.789%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Optional Redemption:</p>
			</td>
			<td style="vertical-align:top;width:29%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make-Whole Call:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">At any time prior to February 15, 2030 at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 15 bps</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Call:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On or after February 15, 2030 at 100%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">CUSIP:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">445658 CG0</p>
			</td>
		</tr>
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			<td style="vertical-align:top;width:25%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ISIN:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">US445658CG02</p>
			</td>
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<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Use of Proceeds:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net proceeds will be used to repay a term loan with a principal balance of $500,000,000 that accrues interest at 5.539% and that matures on September 27, 2025, as to which the Issuer&#8217;s operating subsidiary, J. B. Hunt Transport, Inc. is the principal obligor and the Issuer is the guarantor. Any net proceeds remaining will be used for general corporate purposes.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Denominations:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">$2,000 x $1,000</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Joint Book-Running Managers:</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Goldman Sachs &amp; Co. LLC<br>
			J.P. Morgan Securities LLC<br>
			BofA Securities, Inc.<br>
			Truist Securities, Inc.<br>
			PNC Capital Markets LLC<br>
			Regions Securities LLC</p>
			</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Co-Managers</p>
			</td>
			<td style="vertical-align:top;width:29%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">BOK Financial Securities, Inc.<br>
			Comerica Securities, Inc.<br>
			Commerce Brokerage Services, Inc.<br>
			Huntington Securities, Inc.<br>
			Morgan Stanley &amp; Co. LLC</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*Note:</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">It is expected that delivery of the Notes will be made to investors on or about March 13, 2025, which will be the second business day following the date hereof (such settlement cycle being referred to as &#8220;T+2&#8221;). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market 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 on any date prior to the business day before delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle in T+2, to specify an alternative 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 delivery of the Notes should consult their advisors.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>The issuer has filed a registration statement (including a prospectus and a prospectus supplement) with the Securities and Exchange Commission (the </b>&#8220;<b>SEC</b>&#8221;<b>) 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</b>&#8217;<b>s website 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 contacting Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526 or J.P. Morgan Securities LLC collect at 1-212-834-4533.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>This pricing term sheet supplements, and should be read in conjunction with, J.B. Hunt Transport Services, Inc.</b>&#8217;<b>s preliminary prospectus supplement dated March 11, 2025 (the </b>&#8220;<b>Preliminary Prospectus Supplement</b>&#8221;<b>) and accompanying prospectus dated February 24, 2023 and the documents incorporated and deemed to be incorporated by reference therein.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><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>

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