<SEC-DOCUMENT>0001104659-24-011082.txt : 20240206
<SEC-HEADER>0001104659-24-011082.hdr.sgml : 20240206
<ACCEPTANCE-DATETIME>20240206155059
ACCESSION NUMBER:		0001104659-24-011082
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240206
DATE AS OF CHANGE:		20240206

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		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:		24600027

	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]
		ORGANIZATION NAME:           	02 Finance
		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
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm245051d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</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>February&nbsp;6, 2024</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; margin: 0pt 0; text-align: center"><B>CNA Financial Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.125% Notes Due 2034</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; margin: 0pt 0; text-align: center"><B>Final Term Sheet</B></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="width: 35%"><B>Issuer: </B></TD>
    <TD STYLE="width: 65%">CNA Financial Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Offering Format: </B></TD>
    <TD>SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Securities:</B></TD>
    <TD>5.125% Notes due 2034 (the &ldquo;Notes&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Security Type: </B></TD>
    <TD>Senior Unsecured Fixed Rate Notes </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Trade Date: </B></TD>
    <TD>February&nbsp;6, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Settlement Date*: </B></TD>
    <TD>February&nbsp;9, 2024 (T + 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Maturity Date:</B></TD>
    <TD>February&nbsp;15, 2034</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Expected Ratings (Moody&rsquo;s / S&amp;P / Fitch)**:</B></TD>
    <TD><FONT STYLE="color: #131313">Baa2 / A- / BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Interest Payment Dates: </B></TD>
    <TD>Semi-annually on February&nbsp;15 and August&nbsp;15, commencing on August&nbsp;15, 2024 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Principal Amount: </B></TD>
    <TD>$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Treasury Benchmark: </B></TD>
    <TD>4.500% due November&nbsp;15, 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Treasury Benchmark Yield: </B></TD>
    <TD>4.090%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Spread to Treasury Benchmark: </B></TD>
    <TD>T + 120 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Yield to Maturity: </B></TD>
    <TD>5.290%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Coupon: </B></TD>
    <TD>5.125%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Price to Public: </B></TD>
    <TD>98.729% of principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Optional Redemption: </B></TD>
    <TD>Make-whole at T + 20 basis points any time prior to November&nbsp;15, 2033; par call at any time on or after November&nbsp;15, 2033</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>CUSIP / ISIN: </B></TD>
    <TD>126117 AY6&nbsp;&nbsp;/ US126117AY60 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Joint Book-Running Managers:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <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">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Co-Managers:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank&nbsp;&amp; Co., LLC</P></TD></TR>
  </TABLE>
<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: justify">*It is expected that delivery of the Notes will
be made against payment therefor on or about February&nbsp;9, 2024, which will be the third business day following the date hereof (this
settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, trades in the
secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the Notes on any day prior to two business days before delivery will be required to specify alternative settlement
arrangements at the time of any such trade to prevent a failed settlement and should consult their own advisors.</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: justify">**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"></P>

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<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: justify">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 Wells Fargo Securities, LLC
toll-free at (800) 645-3751, BofA Securities,&nbsp;Inc. at (800) 294-1322 and J.P. Morgan Securities LLC collect at (212) 834-4533.</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: justify">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>

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