<SEC-DOCUMENT>0001104659-25-058192.txt : 20250610
<SEC-HEADER>0001104659-25-058192.hdr.sgml : 20250610
<ACCEPTANCE-DATETIME>20250610165109
ACCESSION NUMBER:		0001104659-25-058192
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250610
DATE AS OF CHANGE:		20250610

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SouthState Corp
		CENTRAL INDEX KEY:			0000764038
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				570799315
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-287893
		FILM NUMBER:		251037802

	BUSINESS ADDRESS:	
		STREET 1:		1101 FIRST STREET SOUTH, SUITE 202
		CITY:			WINTER HAVEN
		STATE:			FL
		ZIP:			33880
		BUSINESS PHONE:		8632934710

	MAIL ADDRESS:	
		STREET 1:		1101 FIRST STREET SOUTH, SUITE 202
		CITY:			WINTER HAVEN
		STATE:			FL
		ZIP:			33880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTH STATE Corp
		DATE OF NAME CHANGE:	20140630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST FINANCIAL HOLDINGS, INC.
		DATE OF NAME CHANGE:	20130729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCBT FINANCIAL CORP
		DATE OF NAME CHANGE:	20040227

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SouthState Corp
		CENTRAL INDEX KEY:			0000764038
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				570799315
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1101 FIRST STREET SOUTH, SUITE 202
		CITY:			WINTER HAVEN
		STATE:			FL
		ZIP:			33880
		BUSINESS PHONE:		8632934710

	MAIL ADDRESS:	
		STREET 1:		1101 FIRST STREET SOUTH, SUITE 202
		CITY:			WINTER HAVEN
		STATE:			FL
		ZIP:			33880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTH STATE Corp
		DATE OF NAME CHANGE:	20140630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST FINANCIAL HOLDINGS, INC.
		DATE OF NAME CHANGE:	20130729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCBT FINANCIAL CORP
		DATE OF NAME CHANGE:	20040227
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2517655d1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed pursuant to Rule&nbsp;433<BR>
Registration No. 333-287893<BR>
June 10, 2025</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2517655d1_fwpimg01.jpg" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$350,000,000</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.000% Fixed-to-Floating Rate Subordinated
Notes due 2035</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Pricing Term Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&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-bottom: 10pt; width: 23%"><B>Issuer:</B></TD>
    <TD STYLE="padding-bottom: 10pt; width: 77%">SouthState Corporation (the&nbsp;&ldquo;<B>Company</B>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Security:</B></TD>
    <TD STYLE="padding-bottom: 10pt">7.000% Fixed-to-Floating Rate Subordinated Notes due 2035 (the&nbsp;&ldquo;<B>Notes</B>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Aggregate Principal Amount:</B></TD>
    <TD STYLE="padding-bottom: 10pt">$350,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Expected Rating*:</B></TD>
    <TD STYLE="padding-bottom: 10pt">Moody&rsquo;s: Baa3 (Stable); Kroll Bond Rating Agency, Inc.: BBB+ (Stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding-bottom: 10pt">June 10, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Settlement Date**:</B></TD>
    <TD STYLE="padding-bottom: 10pt">June 13, 2025 (T +3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-bottom: 10pt">June 13, 2035, if not previously redeemed</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Coupon:</B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed rate period: From and including the Settlement Date to, but excluding,
    June 13, 2030, or the date of earlier redemption (the&nbsp;&ldquo;<B>fixed rate period</B>&rdquo;) 7.000% per annum, payable semiannually
    in arrears.</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">Floating rate period: From and including June 13, 2030 to, but excluding,
    the Maturity Date or the date of earlier redemption (the&nbsp;&ldquo;<B>floating rate period</B>&rdquo;), a floating rate per annum equal
    to the base rate (as defined in the prospectus supplement under &ldquo;Description of Notes&mdash;Floating Rate Period Interest Rates&mdash;How
    Interest is Calculated&rdquo;), plus a spread of 319 basis points for each quarterly interest period during the floating rate period,
    payable quarterly in arrears; <U>provided</U>, <U>however</U>, that if the base rate is less than zero, the base rate shall be deemed
    to be zero.</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-bottom: 10pt; width: 23%"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 10pt; width: 77%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed rate period: June 13 and December 13 of each year, commencing
    on December 13, 2025. The last interest payment date for the fixed rate period will be June 13, 2030.</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">Floating rate period: March 13, June 13, September 13 and December
    13 of each year, commencing on September 13, 2030.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Record Dates:</B></TD>
    <TD STYLE="padding-bottom: 10pt">The 15th&nbsp;calendar day of the month immediately preceding the applicable interest payment date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Day Count Convention:</B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed rate period: 30/360.</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">Floating rate period: 360&#45;day year and the number of days actually
    elapsed.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-bottom: 10pt">The Company may, at its option, beginning with the interest payment date of June 13, 2030, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Special Redemption:</B></TD>
    <TD STYLE="padding-bottom: 10pt">The Company may redeem the Notes at any time prior to the Maturity Date, including prior to June 13, 2030, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, if (i) the Company receives an opinion of an independent tax counsel to the effect that as a result of an amendment or change (including any announced prospective amendment or change) in law, the Company could be prevented from deducting interest payable on the Notes for U.S.&nbsp;federal income tax purposes, (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier&nbsp;2 Capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but excluding, the redemption date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Denominations:</B></TD>
    <TD STYLE="padding-bottom: 10pt">$1,000 minimum denominations and $1,000 integral multiples thereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Use of Proceeds:</B></TD>
    <TD>The Company intends to use the net proceeds from this offering for general corporate purposes, which may include, but are not limited to, financing working capital needs, and the partial or full redemption of the Company&rsquo;s 5.750% fixed-to-floating rate subordinated notes due 2030.</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;-</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-bottom: 10pt; width: 23%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 77%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of aggregate principal amount of the Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes will be unsecured, subordinated obligations and:</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 72%">will rank junior in right of payment and upon the Company&rsquo;s liquidation to any of the Company&rsquo;s existing and all
of the Company&rsquo;s future senior indebtedness;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 72%">will rank junior in right of payment and upon the Company&rsquo;s liquidation to any of the Company&rsquo;s general creditors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 72%">will rank equal in right of payment and upon the Company&rsquo;s liquidation with all of the Company&rsquo;s future indebtedness
the terms of which provide that such indebtedness ranks equally with promissory notes, bonds, debentures and other evidences of indebtedness
of types that include the Notes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 72%">will rank senior in right of payment and upon the Company&rsquo;s liquidation to any of the Company&rsquo;s future indebtedness
the terms of which provide that such indebtedness ranks junior in right of payment to promissory notes, bonds, debentures and other evidences
of indebtedness of types that include the Notes; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 72%">will be structurally subordinated to all of the Company&rsquo;s existing and future indebtedness, deposits and other liabilities
of the Company&rsquo;s current and future subsidiaries, including without limitation, SouthState Bank, National Association&rsquo;s liabilities
to depositors in connection with the deposits, as well as liabilities to general creditors and liabilities arising in the ordinary course
of business or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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-bottom: 10pt; width: 23%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; width: 77%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025, on a consolidated basis, the aggregate outstanding principal amount of the Company&rsquo;s borrowings totaled approximately $755.9 million, none of which would rank senior to the Notes.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">840441AA7 / </FONT>US840441AA79</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 10pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan
    Stanley &amp; Co. LLC<BR>
    </FONT>Piper Sandler &amp; Co.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keefe, Bruyette &amp; Woods, Inc.</P></TD></TR>
  </TABLE>

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





<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;-</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>* <U>Note</U>: A rating is not a recommendation
to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each
rating agency has its own methodology for assigning ratings and, accordingly, each rating should be evaluated independently of any other
rating.</B></P>

<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: justify"><B>** We expect that delivery of the Notes will
be made against payment therefor on or about June 13, 2025, which is the third business day following the date of pricing of the Notes
(this settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule 15c6&#45;1 under the Exchange Act, trades in the secondary
market generally 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 prior to the first business day prior to the settlement date will be required, by virtue of the
fact that the Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent
failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the first business day prior to the settlement date should
consult their own advisors.</B></P>

<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: justify"><B>The Company has filed a registration statement
(including a prospectus) and a preliminary prospectus supplement (the&nbsp;&ldquo;Preliminary Prospectus Supplement&rdquo;) with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the
prospectus in that registration statement, the Preliminary Prospectus Supplement, the final prospectus supplement (when available) and
other documents the Company 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&rsquo;s website at <U>www.sec.gov.</U> Alternatively, you may obtain a copy of the prospectus
by contacting Morgan Stanley &amp; Co. LLC at 1&#45;866&#45;718&#45;1649, by emailing Piper Sandler&nbsp;&amp; Co. at fsg-dcm@psc.com
or by calling Keefe, Bruyette &amp; Woods,&nbsp;<I>A Stifel Company</I>&nbsp;at 1-800-966-1559.</B></P>

<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: justify"><B>Capitalized terms used but not defined in this
Pricing Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. This Pricing Term Sheet is qualified in its
entirety by reference to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary
Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the
information in the Preliminary Prospectus Supplement. Other information (including other financial information) presented in the Preliminary
Prospectus Supplement is deemed to have changed to the extent affected by the information contained herein.</B></P>

<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: justify"><B>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.</B></P>

<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-indent: 1in"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;-</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2517655d1_fwpimg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2517655d1_fwpimg01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 5T# 2(  A$! Q$!_\0
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M_//UKWKPU\(;#3)4NM8N3J5P@_=QD8B0^N#RWX\>U8+_  +N&=F_MN(9.?\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
.%%% !1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
