<SEC-DOCUMENT>0001193125-25-211524.txt : 20250925
<SEC-HEADER>0001193125-25-211524.hdr.sgml : 20250925
<ACCEPTANCE-DATETIME>20250922170640
ACCESSION NUMBER:		0001193125-25-211524
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250922
DATE AS OF CHANGE:		20250922
GROUP MEMBERS:		FLORIDA HOLDINGS IV, LLC
GROUP MEMBERS:		HI-REIT OF PROPCO IV, LLC
GROUP MEMBERS:		MYRTLE BEACH RETIREMENT RESIDENCE LLC
GROUP MEMBERS:		NHI - MERRILL I TRS, LLC
GROUP MEMBERS:		NHI OPCO BROKEN ARROW OK, LLC
GROUP MEMBERS:		NHI OPCO CENTRAL POINT OR, LLC
GROUP MEMBERS:		NHI OPCO COLUMBUS IN, LLC
GROUP MEMBERS:		NHI OPCO MICHIGAN CITY IN, LLC
GROUP MEMBERS:		NHI OPCO PORTAGE IN, LLC
GROUP MEMBERS:		NHI OPCO READING PA, LLC
GROUP MEMBERS:		NHI OPCO REDMOND OR, LLC
GROUP MEMBERS:		NHI OPCO SALISBURY MD, LLC
GROUP MEMBERS:		NHI OPCO TULSA OK, LLC
GROUP MEMBERS:		NHI OPCO VERO BEACH FL, LLC
GROUP MEMBERS:		NHI PROPCO BROKEN ARROW OK, LLC
GROUP MEMBERS:		NHI PROPCO CENTRAL POINT OR, LLC
GROUP MEMBERS:		NHI PROPCO MEMBER LLC
GROUP MEMBERS:		NHI PROPCO REDMOND OR, LLC
GROUP MEMBERS:		NHI PROPCO TULSA OK, LLC
GROUP MEMBERS:		NHI REIT OF ALABAMA, L.P.
GROUP MEMBERS:		NHI SELAH PROPERTIES, LLC
GROUP MEMBERS:		NHI SH OPCO 1, LLC
GROUP MEMBERS:		NHI SH OPCO 2, LLC
GROUP MEMBERS:		NHI SH PROPCO 1, LLC
GROUP MEMBERS:		NHI SH PROPCO 2, LLC
GROUP MEMBERS:		NHI-BICKFORD RE, LLC
GROUP MEMBERS:		NHI-DISCOVERY I TRS, LLC
GROUP MEMBERS:		NHI-REIT OF AXEL, LLC
GROUP MEMBERS:		NHI-REIT OF BICKFORD, LLC
GROUP MEMBERS:		NHI-REIT OF CALIFORNIA, LP
GROUP MEMBERS:		NHI-REIT OF CCWH, LLC
GROUP MEMBERS:		NHI-REIT OF COLORADO, LLC
GROUP MEMBERS:		NHI-REIT OF DSL PROPCO II, LLC
GROUP MEMBERS:		NHI-REIT OF FLORIDA, LLC
GROUP MEMBERS:		NHI-REIT OF GEORGIA, L.P.
GROUP MEMBERS:		NHI-REIT OF IDAHO, L.P.
GROUP MEMBERS:		NHI-REIT OF INDIANA, LLC
GROUP MEMBERS:		NHI-REIT OF MARYLAND, LLC
GROUP MEMBERS:		NHI-REIT OF MICHIGAN, LLC
GROUP MEMBERS:		NHI-REIT OF MINNESOTA, LLC
GROUP MEMBERS:		NHI-REIT OF MISSOURI, LP
GROUP MEMBERS:		NHI-REIT OF NC SPRINGS, LLC
GROUP MEMBERS:		NHI-REIT OF NEXT HOUSE, LLC
GROUP MEMBERS:		NHI-REIT OF NORTH CAROLINA, LLC
GROUP MEMBERS:		NHI-REIT OF NORTHEAST, LLC
GROUP MEMBERS:		NHI-REIT OF OKLAHOMA, LLC
GROUP MEMBERS:		NHI-REIT OF OREGON, LLC
GROUP MEMBERS:		NHI-REIT OF PROPCO I, LLC
GROUP MEMBERS:		NHI-REIT OF PROPCO II, LLC
GROUP MEMBERS:		NHI-REIT OF PROPCO III, LLC
GROUP MEMBERS:		NHI-REIT OF PROPCO V, LLC
GROUP MEMBERS:		NHI-REIT OF SEASIDE, LLC
GROUP MEMBERS:		NHI-REIT OF SOUTH CAROLINA, L.P.
GROUP MEMBERS:		NHI-REIT OF TENNESSEE, LLC
GROUP MEMBERS:		NHI-REIT OF TX-IL, LLC
GROUP MEMBERS:		NHI-REIT OF VIRGINIA, L.P.
GROUP MEMBERS:		NHI-REIT OF WASHINGTON, LLC
GROUP MEMBERS:		NHI-REIT OF WISCONSIN, LLC
GROUP MEMBERS:		NHI-SS TRS, LLC
GROUP MEMBERS:		NHI/ANDERSON, LLC
GROUP MEMBERS:		NHI/LAURENS, LLC
GROUP MEMBERS:		NHI/REIT OF FLORIDA, L.P.
GROUP MEMBERS:		NHI/REIT, INC.
GROUP MEMBERS:		TEXAS NHI INVESTORS, LLC
GROUP MEMBERS:		VOORHEES RETIREMENT RESIDENCE LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL HEALTH INVESTORS INC
		CENTRAL INDEX KEY:			0000877860
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				621470956
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-270557
		FILM NUMBER:		251330821

	BUSINESS ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129
		BUSINESS PHONE:		6158909100

	MAIL ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL HEALTH INVESTORS INC
		CENTRAL INDEX KEY:			0000877860
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				621470956
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129
		BUSINESS PHONE:		6158909100

	MAIL ADDRESS:	
		STREET 1:		222 ROBERT ROSE DRIVE
		CITY:			MURFREESBORO
		STATE:			TN
		ZIP:			37129
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d20675dfwp.htm
<DESCRIPTION>FWP
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<HTML><HEAD>
<TITLE>FWP</TITLE>
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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">Filed Pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Issuer Free Writing Prospectus </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">dated
September&nbsp;22, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-270557</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Supplementing the Preliminary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Prospectus Supplement dated September&nbsp;22, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">and Prospectus dated March&nbsp;15, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>National Health Investors, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD WIDTH="65%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">National Health Investors, Inc. (the &#8220;<B>Issuer</B>&#8221;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Guarantors:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain of the Issuer&#8217;s direct and indirect subsidiaries as described in the Preliminary Prospectus Supplement referred to above (the &#8220;<B>Guarantors</B>&#8221;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.350% Senior Notes due 2033 (the &#8220;<B>Notes</B>&#8221;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Unsecured</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Expected Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Baa3 (Moody&#8217;s) / <FONT STYLE="white-space:nowrap">BBB-</FONT> (S&amp;P) / <FONT STYLE="white-space:nowrap">BBB-</FONT> (Fitch)</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;22, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;26, 2025 (T+4)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Issuer expects to use the net proceeds from this offering to reduce borrowings outstanding under its senior unsecured revolving credit facility, with any remaining amounts being used for working capital and for general corporate
purposes, including, but not limited to, the funding of acquisitions of additional properties or businesses, investments in mortgages and the repayment of short-term and long-term debt.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$350,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UST 3.875% due August&nbsp;31, 2032</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Treasury Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.885%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Spread to Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+165 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.535%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">98.903% of principal amount of the Notes, plus accrued interest, if any, from September&nbsp;26, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Coupon (Interest Rate):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.350% per annum</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Gross Proceeds to the Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$346,160,500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;1 and August&nbsp;1, commencing February&nbsp;1, 2026 (short first coupon)</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;1, 2033</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January&nbsp;15 and July&nbsp;15</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TD VALIGN="top"><B>Optional Redemption Provisions:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Make-Whole Call:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Prior to December&nbsp;1, 2032, T+25 basis points</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Par Call:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On or after December&nbsp;1, 2032</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">63633DAG9 / US63633DAG97</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Denominations/Multiple:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$2,000 / $1,000</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities,
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BMO Capital Markets
Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">KeyBanc Capital Markets Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Senior <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regions Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Huntington Securities,
Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hancock Whitney Investment Services, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PNFP Capital
Markets, Inc.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note: A security rating is not a recommendation to buy, sell or hold securities, and may be subject to
revision or withdrawal at any time. Each of the security ratings above should be evaluated independently of any other security rating. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Issuer expects that delivery of the Notes will be made to investors on or about the settlement date
specified above, which will be the fourth business day following the date of this term sheet. Under rules of the SEC, trades in the secondary market are required to settle in one business day, unless the parties to that trade expressly agree
otherwise. Accordingly, purchasers who wish to trade the Notes offered hereby more than one business day prior to the scheduled settlement date will be required, by virtue of the fact that the Notes initially settle in T+4, to specify an alternate
settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers who wish to trade the Notes more than one business day before the scheduled settlement date should consult their advisors. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer and the Guarantors have filed a registration statement (including a prospectus dated March&nbsp;15, 2023 and a preliminary prospectus supplement
dated September&nbsp;22, 2025) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the
Issuer has filed with the SEC for more complete information about the Issuer, the Guarantors and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at (212) <FONT STYLE="white-space:nowrap">834-4533,</FONT>
BofA&nbsp;Securities, <FONT STYLE="white-space:nowrap">Inc.&nbsp;at&nbsp;(800)&nbsp;294-1322</FONT> or Wells Fargo Securities, LLC at <FONT STYLE="white-space:nowrap">(800)&nbsp;645-3751.</FONT> </B></P>
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