<SEC-DOCUMENT>0001104659-21-071846.txt : 20210525
<SEC-HEADER>0001104659-21-071846.hdr.sgml : 20210525
<ACCEPTANCE-DATETIME>20210525164418
ACCESSION NUMBER:		0001104659-21-071846
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210525
DATE AS OF CHANGE:		20210525

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234681
		FILM NUMBER:		21961265

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2116684d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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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>Filed pursuant to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Dated as of May&nbsp;25, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No.&nbsp;333-234681</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>dated May&nbsp;25, 2021</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Penske Automotive Group,&nbsp;Inc.</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>$500,000,000 3.75% Senior Subordinated
Notes due 2029 (the &ldquo;Notes&rdquo;)</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
term sheet relates only to the securities described below and supplements and should be read together with the preliminary prospectus
supplement dated May&nbsp;25, 2021 and the accompanying prospectus </I></FONT>(<I>including the documents incorporated by reference therein</I>)
<I>relating to those securities. Capitalized terms used in this term sheet but not defined have the meanings given to them in such preliminary
prospectus supplement.</I></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: 44%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penske Automotive Group,&nbsp;Inc. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of Securities:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">3.75% Senior Subordinated Notes due 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Final Maturity:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;15, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">3.75%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue Price:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of principal amount, plus accrued interest from and including June&nbsp;15, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">3.75%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;15 and December&nbsp;15, beginning December&nbsp;15, 2021. Interest will accrue from and including June&nbsp;15, 2021 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;1 and December&nbsp;1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross Proceeds to Issuer (Before Fees and Expenses):</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT>500,000,000</TD></TR>
</TABLE>

<P STYLE="margin: 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: 44%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may redeem the Notes, in whole
or in part, at any time on or after June 15, 2024, at the redemption prices described below, together with accrued and unpaid interest,
if any, to the redemption date.</P></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt">
<TD STYLE="font-size: 10pt; width: 44%; vertical-align: top; padding: 0in"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 1%; vertical-align: top; padding: 0in"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; width: 35%; vertical-align: bottom; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; padding: 0in; border-left-style: none"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>Year</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 1%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; border-bottom: windowtext 1pt solid; padding: 0in; text-align: center; width: 17%; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>Redemption
Price</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 2%; vertical-align: top; padding: 0in"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">June
15, 2024</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right; padding: 0in; vertical-align: bottom; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">101.875</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 15, 2025</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-size: 10pt">100.938</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">June
15, 2026 and thereafter</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right; padding: 0in; vertical-align: bottom; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">100.000</FONT></TD>
<TD STYLE="font-size: 10pt; padding: 0in; vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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-right: 5.4pt; font-size: 10pt; width: 44%"></TD>
    <TD STYLE="padding-right: 5.4pt; width: 56%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time prior to June 15, 2024, the Company
may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus the Applicable Premium, together
with accrued and unpaid interest, if any, to the redemption date.</P></TD></TR>
</TABLE>

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



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 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-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">In addition, prior to June 15, 2024, the
    Company may redeem up to 40% of the aggregate principal amount of outstanding Notes with the proceeds of certain equity offerings
    at a redemption price equal to 103.75% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date.
    The Company may make such redemption only if, after any such redemption, at least 50% of the aggregate principal amount of Notes
    originally issued under the indenture (including any additional Notes) remains outstanding.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T+</FONT>14; June&nbsp;15, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company intends to use the net proceeds of this offering to redeem their $500 million 5.5% Senior Subordinated Notes due 2026 on June&nbsp;24, 2021. In the interim, the Company intends to repay amounts outstanding under its U.S. Credit Agreement, to repay various floor plan debt and for general corporate purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Bookrunners:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">BofA Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">Citizens Capital Markets,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">Fifth Third Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 62.25pt; text-indent: -62.25pt">U.S. Bancorp Investments,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70959W</FONT> AK9/US70959WAK99</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"><B>The issuer has filed a registration statement,
including a prospectus and a preliminary prospectus supplement, with the SEC for the offering to which this communication relates. Before
you invest, you should read the prospectus and the preliminary prospectus supplement 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 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 and the preliminary prospectus supplement (or, if available, the prospectus supplement) if you
request it by calling BofA Securities,&nbsp;Inc. at 1-800-294-1322 (toll free), J.P. Morgan Securities LLC at 1-866-803-9204 (toll free),
or Wells Fargo Securities, LLC at 1-800-645-3751 (toll free).</B></P>

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