<SEC-DOCUMENT>0001193125-20-137715.txt : 20200508
<SEC-HEADER>0001193125-20-137715.hdr.sgml : 20200508
<ACCEPTANCE-DATETIME>20200508171858
ACCESSION NUMBER:		0001193125-20-137715
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200508
DATE AS OF CHANGE:		20200508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ingredion Inc
		CENTRAL INDEX KEY:			0001046257
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				223514823
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-233854
		FILM NUMBER:		20861768

	BUSINESS ADDRESS:	
		STREET 1:		5 WESTBROOK CORPORATE CENTER
		CITY:			WESTCHESTER
		STATE:			IL
		ZIP:			60154
		BUSINESS PHONE:		7085512600

	MAIL ADDRESS:	
		STREET 1:		INGREDION INCORPORATED
		STREET 2:		5 WESTBROOK CORPORATE CENTER
		CITY:			WESTCHESTER
		STATE:			IL
		ZIP:			60154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORN PRODUCTS INTERNATIONAL INC
		DATE OF NAME CHANGE:	19970917

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ingredion Inc
		CENTRAL INDEX KEY:			0001046257
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				223514823
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5 WESTBROOK CORPORATE CENTER
		CITY:			WESTCHESTER
		STATE:			IL
		ZIP:			60154
		BUSINESS PHONE:		7085512600

	MAIL ADDRESS:	
		STREET 1:		INGREDION INCORPORATED
		STREET 2:		5 WESTBROOK CORPORATE CENTER
		CITY:			WESTCHESTER
		STATE:			IL
		ZIP:			60154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORN PRODUCTS INTERNATIONAL INC
		DATE OF NAME CHANGE:	19970917
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Free Writing Prospectus </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Filed Pursuant to Rule 433 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-233854</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Dated May&nbsp;8, 2020 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Pricing Term Sheet </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ingredion Incorporated </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.900% Senior Notes due 2030 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.900% Senior Notes due 2050 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ingredion Incorporated</TD></TR>
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<TD VALIGN="top">Aggregate Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: $600,000,000 <BR>2050 Notes: $400,000,000</TD></TR>
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<TD VALIGN="top">Security Type:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Notes</TD></TR>
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<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: June&nbsp;1, 2030 <BR>2050 Notes: June&nbsp;1, 2050</TD></TR>
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<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: 2.900% <BR>2050 Notes: 3.900%</TD></TR>
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<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: 99.808% <BR>2050 Notes: 98.551%</TD></TR>
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<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: 2.922% <BR>2050 Notes: 3.983%</TD></TR>
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<TD VALIGN="top">Spread to Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: +225 basis points <BR>2050 Notes: +260 basis points</TD></TR>
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<TD VALIGN="top">Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: 1.500% due February&nbsp;15, 2030 <BR>2050 Notes: 2.375% due November&nbsp;15, 2049</TD></TR>
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<TD VALIGN="top">Benchmark Treasury Price / Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: <FONT STYLE="white-space:nowrap">107-26</FONT> / 0.672% <BR>2050 Notes: <FONT STYLE="white-space:nowrap">123-31</FONT> / 1.383%</TD></TR>
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<TD VALIGN="top">Net Proceeds to Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: $594,948,000, after deducting the underwriting discount and before deducting other estimated expenses <BR>2050 Notes: $390,704,000, after deducting the underwriting discount and before deducting other estimated
expenses</TD></TR>
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<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: June&nbsp;1 and December&nbsp;1, commencing December&nbsp;1, 2020 <BR>2050 Notes: June&nbsp;1 and December&nbsp;1, commencing December&nbsp;1, 2020</TD></TR>
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<TD VALIGN="top">Regular Record Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: May&nbsp;15 and November&nbsp;15 <BR>2050 Notes: May&nbsp;15 and November&nbsp;15</TD></TR>
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<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: Prior to March&nbsp;1, 2030 (three months prior to their maturity date), at the Treasury Rate plus 35 basis points; par call on or after March&nbsp;1, 2030 <BR>2050 Notes: Prior to December&nbsp;1, 2049 (six months prior
to their maturity date), at the Treasury Rate plus 40 basis points; par call on or after December&nbsp;1, 2049</TD></TR>
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<TD VALIGN="top">Change of Control:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If a Change of Control Repurchase Event occurs with respect to a series of notes, the Company will be required to offer to repurchase the notes of such series at a repurchase price equal to 101% of the principal amount of the notes
to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</TD></TR>
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<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;8, 2020</TD></TR>
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<TD VALIGN="top">Settlement Date (T+3):</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;13, 2020</TD></TR>
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<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$2,000 x $1,000</TD></TR>
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<TD VALIGN="top">CUSIP/ISIN:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2030 Notes: 457187 AC6 / US457187AC60 <BR>2050 Notes: 457187 AD4 / US457187AD44</TD></TR>
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<TD VALIGN="top">Expected Ratings (Moody&#146;s/S&amp;P)*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Baa1 (stable outlook) / BBB (stable outlook)</TD></TR>
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<TD VALIGN="top">Trustee:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon Trust Company, N.A.</TD></TR>
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<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BofA Securities, Inc. <BR>Citigroup Global Markets Inc. <BR>J.P. Morgan Securities LLC <BR>HSBC Securities (USA) Inc. <BR>Mizuho Securities USA LLC</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BMO Capital Markets Corp. <BR>PNC Capital Markets LLC <BR>SunTrust Robinson Humphrey, Inc. <BR>U.S. Bancorp Investments, Inc. <BR>Wells Fargo Securities, LLC <BR>ING Financial Markets LLC <BR>Rabo Securities USA, Inc. <BR>Santander
Investment Securities Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delivery of the notes is expected to be made against payment for the notes on May&nbsp;13, 2020, which will be the third business
day following the date hereof (such settlement cycle being referred to as &#147;T+3&#148;). Pursuant to Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the delivery of the notes hereunder will be required, by virtue of
the fact that the securities initially will settle in T+3, to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and should consult their own advisers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission
(&#147;SEC&#148;) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents the issuer has
</B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
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 preliminary prospectus supplement and the accompanying prospectus if you request it by calling BofA Securities, Inc. toll-free at (800) 294-1322,
Citigroup Global Markets Inc. toll-free at (800) <FONT STYLE="white-space:nowrap">831-9146</FONT> or J.P. Morgan Securities LLC collect at (212) 834-4533. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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. </B></P>
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