<SEC-DOCUMENT>0001104659-25-068142.txt : 20250715
<SEC-HEADER>0001104659-25-068142.hdr.sgml : 20250715
<ACCEPTANCE-DATETIME>20250715172003
ACCESSION NUMBER:		0001104659-25-068142
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250715
DATE AS OF CHANGE:		20250715

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONAGRA BRANDS INC.
		CENTRAL INDEX KEY:			0000023217
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				470248710
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0525

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-280760
		FILM NUMBER:		251125674

	BUSINESS ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		312-549-5000

	MAIL ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA FOODS INC /DE/
		DATE OF NAME CHANGE:	20001006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEBRASKA CONSOLIDATED MILLS CO
		DATE OF NAME CHANGE:	19721201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONAGRA BRANDS INC.
		CENTRAL INDEX KEY:			0000023217
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				470248710
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0525

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		312-549-5000

	MAIL ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA FOODS INC /DE/
		DATE OF NAME CHANGE:	20001006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEBRASKA CONSOLIDATED MILLS CO
		DATE OF NAME CHANGE:	19721201
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2521021d1_fwp.htm
<DESCRIPTION>FWP
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<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 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-280760</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>July 15, 2025</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONAGRA BRANDS, INC.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$500,000,000 5.000% Senior Notes due 2030 (the
 &ldquo;2030 Notes&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$500,000,000 5.750% Senior Notes due 2035 (the
 &ldquo;2035 Notes&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>Issuer:</TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Conagra Brands, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Ratings (Moody&rsquo;s / S&amp;P / Fitch)*:</TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Baa3 (Stable) / BBB- (Stable) / BBB-
    (Stable)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Distribution:</TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SEC Registered</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trade Date:</TD>
    <TD COLSPAN="2" STYLE="text-align: left">July 15, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <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">Settlement Date:</P></TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">July 22, 2025 (T+5)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <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">Joint Book-Running Managers:</P></TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <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">Senior Co-Manager:</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">Co-Managers:</P></TD>
    <TD COLSPAN="2" STYLE="text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">U.S. Bancorp Investments, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Rabo Securities USA, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%"><B>2030 Notes</B></TD>
    <TD STYLE="width: 30%"><B>2035 Notes</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Principal Amount:</TD>
    <TD>$500,000,000</TD>
    <TD>$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maturity:</TD>
    <TD>August 1, 2030</TD>
    <TD>August 1, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Coupon (Interest Rate):</TD>
    <TD>5.000%</TD>
    <TD>5.750%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Yield to Maturity:</TD>
    <TD>5.074%</TD>
    <TD>5.761%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Spread to Benchmark Treasury:</TD>
    <TD>+102 bps</TD>
    <TD>+127 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury:</TD>
    <TD>UST 3.875% due June 30, 2030</TD>
    <TD>UST 4.250% due May 15, 2035</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury Price / Yield:</TD>
    <TD>99-06+ / 4.054%</TD>
    <TD>98-03 / 4.491%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Make-Whole Call:</TD>
    <TD>T + 20 bps</TD>
    <TD>T + 20 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Par Call:</TD>
    <TD>On or after July 1, 2030</TD>
    <TD>On or after May 1, 2035</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>

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<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: 40%">Interest Payment Dates:</TD>
    <TD STYLE="width: 30%">February 1 and August 1, beginning February 1, 2026</TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 1 and August 1, beginning February 1, 2026</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Record Dates:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 15 and July 15</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 15 and July 15</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Price to Public:</TD>
    <TD>99.674% of the aggregate principal amount</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.915% of the aggregate principal amount</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net Proceeds to Issuer After</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gross Spread:</P></TD>
    <TD>$496,620,000</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$497,325,000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>CUSIP / ISIN:</TD>
    <TD>205887 CK6 / US205887CK64</TD>
    <TD>205887 CL4 / US205887CL48</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Proceeds:</P></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conagra Brands, Inc. intends to use the net proceeds from this
offering for general corporate purposes, including the repayment of a portion of its outstanding 4.600% Senior Notes due November 2025.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Denomination:</TD>
    <TD COLSPAN="2">$2,000 and integral multiples of $1,000 in excess thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Change of Control Offer:</TD>
    <TD COLSPAN="2">If Conagra Brands, Inc. experiences a Change of Control Triggering
    Event, it will be required to offer to repurchase the notes at a purchase price equal to 101% of their principal amount, plus accrued
    and unpaid interest to, but not including, the date of repurchase.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*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.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to deliver the notes against payment for
the notes on or about July 22, 2025, which is the fifth business day following the date of the pricing of the notes. Under Rule 15c6-1
of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day,
unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes before the business day
prior to July 22, 2025 will be required to specify alternative settlement arrangements to prevent a failed settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including
a prospectus, as supplemented) with the SEC for the offering to which this communication relates. Before you invest, you should read the
prospectus in that registration statement (as supplemented) 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 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
the issuer at 1-312-549-5000 or by contacting BofA Securities, Inc. by calling 1-800-294-1322 or by emailing dg.prospectus_requests@bofa.com;
Goldman Sachs &amp; Co. LLC by calling 1-866-471-2526 or emailing Prospectus-ny@ny.email.gs.com or Mizuho Securities USA LLC by calling
1-866-271-7403.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below
are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this
communication being sent via email or another communication system.</P>

<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: center">&nbsp;</P>

<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: center"></P>

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