<SEC-DOCUMENT>0001104659-24-035641.txt : 20240318
<SEC-HEADER>0001104659-24-035641.hdr.sgml : 20240318
<ACCEPTANCE-DATETIME>20240318171320
ACCESSION NUMBER:		0001104659-24-035641
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240318
DATE AS OF CHANGE:		20240318

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGCO CORP /DE
		CENTRAL INDEX KEY:			0000880266
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				581960019
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277740
		FILM NUMBER:		24760028

	BUSINESS ADDRESS:	
		STREET 1:		4205 RIVER GREEN PKWAY
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30096
		BUSINESS PHONE:		7708139200

	MAIL ADDRESS:	
		STREET 1:		4205 RIVER GREEN PARKWAY
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30096

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGCO CORP /DE
		CENTRAL INDEX KEY:			0000880266
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				581960019
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4205 RIVER GREEN PKWAY
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30096
		BUSINESS PHONE:		7708139200

	MAIL ADDRESS:	
		STREET 1:		4205 RIVER GREEN PARKWAY
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30096
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm249158-1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-277740</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 18, 2024</P>

<P STYLE="font: 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>AGCO CORPORATION<BR>
PRICING TERM SHEET<BR>
$1,100,000,000</B></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"><B>$400,000,000 5.450% Notes due 2027<BR>
$700,000,000 5.800% Notes due 2034</B></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>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGCO Corporation</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; width: 36%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantors:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGCO International Holdings B.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGCO International GmbH</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Massey Ferguson Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The GSI Group, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Unsecured Notes</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings*: </FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa2 (Stable) / BBB- (Positive)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing Date:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2024</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 21, 2024 (T+3)</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
  </TABLE>
<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: 6pt; padding-right: 2.9pt; padding-left: 2.9pt; width: 27%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.450% Senior Notes due 2027</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.800% Senior Notes due 2034</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 21, 2027</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 21, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400,000,000</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$700,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.250% due March, 2027</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.000% due February, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99-7&frac14; / 4.529%</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97-10 / 4.336%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+ 95 bps</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+ 150 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.479%</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.836%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.450%</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.800%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.921% of the principal amount</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.730% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Provisions:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to February 21, 2027 (the date that is one month prior to the
    maturity date of the 2027 Notes), the Issuer may redeem the 2027 Notes at its option, in whole or in part, at any time and from time to
    time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</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">(1) (a) the sum of the present values of the remaining scheduled payments
    of principal and interest thereon discounted to the redemption date (assuming the 2027 Notes matured on their Par Call Date) on a semi-annual
    basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b) interest accrued
    to, but not including, the date of redemption; and</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">(2) 100% of the principal amount of the 2027 Notes to be redeemed,</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">plus, in either case, accrued and unpaid interest thereon to, but not
    including, the redemption date.</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">On or after February 21, 2027, the Issuer may redeem the 2027 Notes
    in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being
    redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The Issuer is not required to establish
    a sinking fund to retire the Notes prior to maturity.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to December 21, 2033 (the date that is three months prior to
    the maturity date of the 2034 Notes), the Issuer may redeem the 2034 Notes at its option, in whole or in part, at any time and from time
    to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater
    of:</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">(1) (a) the sum of the present values of the remaining scheduled payments
    of principal and interest thereon discounted to the redemption date (assuming the 2034 Notes matured on their Par Call Date) on a semi-annual
    basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, less (b) interest accrued
    to, but not including, the date of redemption; and</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">(2) 100% of the principal amount of the 2034 Notes to be redeemed,</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">plus, in either case, accrued and unpaid interest thereon to, but not
    including, the redemption date.</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">On or after December 21, 2033, the Issuer may redeem the 2034 Notes
    in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being
    redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The Issuer is not required to establish
    a sinking fund to retire the Notes prior to maturity.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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="text-indent: 0; width: 27%; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Special Mandatory Redemption</FONT></TD>
    <TD STYLE="width: 36%; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">The offering is not conditioned upon the closing of the Acquisition, which, if completed, will occur subsequent to the closing of the offering.&nbsp;&nbsp;If (i) the consummation of the Acquisition has not occurred on or prior to the Special Mandatory Redemption Outside Date, (ii) prior to the Special Mandatory Redemption Outside Date, the Sale and Contribution Agreement is terminated without the consummation of the Acquisition, or (iii) the Issuer otherwise notifies the trustee for the Notes in writing that it will not pursue the consummation of the Acquisition (the earlier of the date of delivery of such notice described in clause (iii), the Special Mandatory Redemption Outside Date and the date the Sale and Contribution Agreement is terminated without consummation of the Acquisition, the &ldquo;Special Mandatory Redemption Trigger Date&rdquo;), the Issuer will be required to redeem the Notes then outstanding at a redemption price equal to 101% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of such redemption.</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">The offering is not conditioned upon the closing of the Acquisition, which, if completed, will occur subsequent to the closing of the offering.&nbsp;&nbsp;If (i) the consummation of the Acquisition has not occurred on or prior to the Special Mandatory Redemption Outside Date, (ii) prior to the Special Mandatory Redemption Outside Date, the Sale and Contribution Agreement is terminated without the consummation of the Acquisition, or (iii) the Issuer otherwise notifies the trustee for the Notes in writing that it will not pursue the consummation of the Acquisition (the earlier of the date of delivery of such notice described in clause (iii), the Special Mandatory Redemption Outside Date and the date the Sale and Contribution Agreement is terminated without consummation of the Acquisition, the &ldquo;Special Mandatory Redemption Trigger Date&rdquo;), the Issuer will be required to redeem the Notes then outstanding at a redemption price equal to 101% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of such redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Make-Whole Call:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">T + 15 bps (prior to February 21, 2027)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">T + 25 bps (prior to December 21, 2033)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Par Call:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">On or after February 21, 2027 (one month prior to maturity)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">On or after December 21, 2033 (three months prior to maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">March 21 and September 21, commencing September 21, 2024</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">March 21 and September 21, commencing September 21, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">001084AR3 / US001084AR30</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 6pt; padding-left: 2.9pt"><FONT STYLE="font-size: 10pt">001084AS1 / US001084AS13</FONT></TD></TR>
  </TABLE>
<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: 0; width: 27%; text-indent: 0"><FONT STYLE="font-size: 10pt">Joint Book-Running</FONT></TD>
    <TD STYLE="padding: 0 0 0 2.9pt; width: 73%; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Managers:</FONT></TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Morgan Stanley &amp; Co. LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Rabo Securities USA, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">BNP Paribas Securities Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">MUFG Securities Americas Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Truist Securities, Inc.</FONT></TD></TR>
  </TABLE>

<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: 0; width: 27%; text-indent: 0"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding: 0 0 0 2.9pt; width: 73%; text-indent: 0"><FONT STYLE="font-size: 10pt">BMO Capital Markets Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">HSBC Securities (USA) Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">PNC Capital Markets LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">TD Securities (USA) LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 2.9pt; text-indent: 0"><FONT STYLE="font-size: 10pt">UniCredit Capital Markets LLC</FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* &#8239;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">The issuer has filed a registration statement (including a base prospectus)
and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering, 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 searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement
and prospectus if you request it by calling Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649, J.P. Morgan Securities LLC collect
at 1-212-834-4533 and Rabo Securities USA, Inc. at 1-866-746-3850.</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"><B>We expect delivery of the notes will be made against payment therefor
on or about the settlement date specified in this pricing term sheet, which will be the third business day following the date of pricing
(such settlement being referred to as &ldquo;T+3&rdquo;). Pursuant to Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended,
trades in the secondary market are generally required to settle in two business days, unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade notes on the day of pricing will be required, by virtue of the fact that the notes
will initially settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.</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"><B>No PRIIPs KID. Not for retail investors in the EEA or the UK. No
PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.</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">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 electronic 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">&nbsp;</P>

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