<SEC-DOCUMENT>0001104659-23-086931.txt : 20230803
<SEC-HEADER>0001104659-23-086931.hdr.sgml : 20230803
<ACCEPTANCE-DATETIME>20230802192207
ACCESSION NUMBER:		0001104659-23-086931
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230803
DATE AS OF CHANGE:		20230802

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				366169860
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-262821
		FILM NUMBER:		231137577

	BUSINESS ADDRESS:	
		STREET 1:		CNA
		STREET 2:		151 N. FRANKLIN
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3128225000

	MAIL ADDRESS:	
		STREET 1:		CNA
		STREET 2:		151 N. FRANKLIN
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				366169860
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		CNA
		STREET 2:		151 N. FRANKLIN
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3128225000

	MAIL ADDRESS:	
		STREET 1:		CNA
		STREET 2:		151 N. FRANKLIN
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2322627d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-262821</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>August&nbsp;2, 2023</B></P>


<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Reopening: $100,000,000</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total Issue: $500,000,000</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>5.500% Notes Due 2033</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Final Term Sheet</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; text-align: left; margin: 0pt 0">This term sheet provides information concerning a reopening (as discussed
below) of CNA Financial Corporation&rsquo;s 5.500% Notes due 2033 described under &ldquo;Description of the Notes&rdquo; in the Preliminary
Prospectus Supplement dated August&nbsp;2, 2023 to the Prospectus dated February&nbsp;17, 2022.</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-left: 0.15in; width: 38%"><B>Issuer: </B></TD>
    <TD STYLE="width: 62%">CNA Financial Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Offering Format: </B></TD>
    <TD>SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Securities:</B></TD>
    <TD>5.500% Notes due 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Security Type: </B></TD>
    <TD>Senior Unsecured Fixed Rate Notes </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Trade Date: </B></TD>
    <TD>August&nbsp;2, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Settlement Date: </B></TD>
    <TD>August&nbsp;4, 2023 (T + 2)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Maturity Date:</B></TD>
    <TD>June&nbsp;15, 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Expected Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #131313"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #131313">Baa2 (s)&nbsp;/ A- (s)&nbsp;/ BBB+ (s)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Interest Payment Dates: </B></TD>
    <TD>Semi-annually on June&nbsp;15 and December&nbsp;15, commencing on December&nbsp;15, 2023 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Principal Amount: </B></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$100,000,000. The notes offered hereby will be part of the same series of notes as the $400,000,000 aggregate principal amount of 5.500% Notes due 2033 issued and sold by CNA Financial Corporation on May&nbsp;22, 2023. Upon settlement, the notes will be fungible with and treated as a single series with these existing notes, and the aggregate principal amount of the existing notes and the notes offered hereby will be $500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Treasury Benchmark: </B></TD>
    <TD>3.375% due May&nbsp;15, 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Treasury Benchmark Yield: </B></TD>
    <TD>4.078%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Spread to Treasury Benchmark: </B></TD>
    <TD>T + 186 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Yield to Maturity: </B></TD>
    <TD>5.938%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Coupon: </B></TD>
    <TD>5.500%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Price to Public: </B></TD>
    <TD>96.750% of principal amount, plus Accrued Interest from and including May&nbsp;22, 2023 to, but excluding, the settlement date
    for the notes offered hereby</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Accrued Interest from and including May&nbsp;22, 2023:</B></TD>
    <TD>$11.00 per $1,000 principal amount (assuming the settlement date is August&nbsp;4, 2023)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Optional Redemption: </B></TD>
    <TD>Make-whole at T + 30 basis points any time prior to March&nbsp;15, 2033; par call at any time on or after March&nbsp;15, 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>CUSIP / ISIN: </B></TD>
    <TD>126117AX8 / US126117AX87</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.15in"><B>Joint Book-Running Managers:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></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: left">*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.</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: left">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 website at <U>www.sec.gov</U>. Alternatively, the Joint
Book-Running Managers in the offering will arrange to send you the prospectus if you request it by calling BofA Securities,&nbsp;Inc.
at (800) 294-1322 and Wells Fargo Securities, LLC toll-free at (800) 645-3751.</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: left">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.</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"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
