<SEC-DOCUMENT>0001193125-20-236422.txt : 20200901
<SEC-HEADER>0001193125-20-236422.hdr.sgml : 20200901
<ACCEPTANCE-DATETIME>20200831180629
ACCESSION NUMBER:		0001193125-20-236422
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200901
DATE AS OF CHANGE:		20200831

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENASANT CORP
		CENTRAL INDEX KEY:			0000715072
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				640676974
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-227386
		FILM NUMBER:		201152829

	BUSINESS ADDRESS:	
		STREET 1:		209 TROY STREET
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38804-4827
		BUSINESS PHONE:		(662) 680-1001

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 709
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38802-0709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEOPLES HOLDING CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENASANT CORP
		CENTRAL INDEX KEY:			0000715072
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				640676974
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		209 TROY STREET
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38804-4827
		BUSINESS PHONE:		(662) 680-1001

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 709
		CITY:			TUPELO
		STATE:			MS
		ZIP:			38802-0709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEOPLES HOLDING CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d15351dfwp.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"><B>Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Supplementing the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Preliminary Prospectus Supplement, dated August&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-227386</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g15351g0831123658640.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Renasant Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000.00 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4.50% Fixed to
Floating Rate Subordinated Notes due 2035 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Term Sheet </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Renasant Corporation (the &#147;Company&#148;)</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" NOWRAP><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4.50% Fixed to Floating Rate Subordinated Notes due 2035<B> </B>(the &#147;Notes&#148;)</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" NOWRAP><B>Aggregate&nbsp;Principal&nbsp;Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$100,000,000.00</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" NOWRAP><B>Ratings:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBB by Kroll Bond Rating Agency</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">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 should be evaluated independently of any other rating.</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">August&nbsp;31, 2020</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" NOWRAP><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">September&nbsp;3, 2020 (T + 3)</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" NOWRAP><B>Final Maturity Date (if not</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><B>previously redeemed):</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">September&nbsp;15, 2035</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" NOWRAP><B>Coupon:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4.50% per annum, from and including the Settlement Date, to but excluding September&nbsp;15, 2030 or the earlier redemption date, payable semi-annually in arrears. From and including September&nbsp;15, 2030 to, but excluding the
maturity date or earlier redemption date, a floating per annum rate equal to a Benchmark rate (which is expected to be Three-Month Term SOFR) (each as defined in the prospectus supplement under &#147;Description of the Subordinated
Notes&#151;Interest&#148;) plus 402.5 basis points, payable quarterly in arrears, provided, however, that in the event the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.</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" NOWRAP><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interest on the Notes will be payable on March&nbsp;15 and September&nbsp;15 of each year through, but not including, September&nbsp;15, 2030 or the earlier redemption date, and quarterly thereafter on March&nbsp;15, June&nbsp;15,
September&nbsp;15, and December&nbsp;15 of each year to, but excluding, the maturity date or earlier redemption date. The first interest payment will be made on March&nbsp;15, 2021.</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" NOWRAP><B>Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The 15th calendar day immediately preceding the applicable interest payment date.</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" NOWRAP><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">During the fixed rate period, 30/360 to but excluding September&nbsp;15, 2030; during the floating rate period, a <FONT STYLE="white-space:nowrap">360-day</FONT> year and the number of days actually elapsed.</TD></TR>
</TABLE>
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<TD WIDTH="79%"></TD></TR>


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<TD VALIGN="top" NOWRAP>Optional&nbsp;Redemption:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Company may, at its option, beginning with the interest payment date of September&nbsp;15, 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 (or, as and if applicable, the rules of any appropriate successor bank regulatory agency) to the extent such approval is then required under the rules of the Federal Reserve (or such successor bank regulatory
agency), 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 (as described in the prospectus supplement under &#147;Description of the
Subordinated Notes&#151;Redemption&#148;).</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>Special Redemption:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Company may redeem the Notes at any time prior to their maturity, including prior to September&nbsp;15, 2030, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve (or, as and if applicable,
the rules of any appropriate successor bank regulatory agency) to the extent such approval is then required under the capital adequacy rules of the Federal Reserve (or such successor bank regulatory agency), if (i)&nbsp;a change or prospective
change in law occurs that could prevent us from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii)&nbsp;a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 Capital for regulatory
capital purposes, or (iii)&nbsp;we are 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="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>Denominations:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$1,000 minimum denominations and $1,000 integral multiples thereof.</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" NOWRAP>Use of Proceeds:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Company intends to use the net proceeds from this offering for general corporate purposes, which may include providing capital to support the Company&#146;s organic growth or growth through strategic acquisitions, repaying
indebtedness, financing investments, capital expenditures and for investments in Renasant Bank (the &#147;Bank&#148;) as regulatory capital.</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" NOWRAP>Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.00%</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" NOWRAP>Underwriters&#146;&nbsp;Discount:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1.25% of principal amount</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" NOWRAP>Proceeds to Issuer (after<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">underwriters&#146;&nbsp;discount,&nbsp;but</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">before expenses):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$98,750,000.00</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>Ranking:<BR></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes will be unsecured, subordinated obligations of the Company and:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;will rank junior in right of payment and upon the Company&#146;s liquidation to any of the
Company&#146;s existing and all future Senior Indebtedness (as defined in the prospectus supplement under &#147;Description of the Subordinated Notes&#151;Subordination&#148;);</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;will rank junior in
right of payment and upon the Company&#146;s liquidation to any of the Company&#146;s existing and all of its future general creditors;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;will rank equal in right of payment and upon the Company&#146;s liquidation with any of the
Company&#146;s existing and all of its future indebtedness the terms of which provide that such indebtedness ranks equally with the Notes, including the $60&nbsp;million aggregate principal amount of the Company&#146;s 5.00% <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-to-floating</FONT></FONT> rate subordinated notes due</P></TD></TR></TABLE>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">September&nbsp;1, 2026, the $40&nbsp;million aggregate principal amount of its 5.50% <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">fixed-to-floating</FONT></FONT> rate subordinated debentures due September&nbsp;1, 2031 and the $15&nbsp;million aggregate principal amount of its 6.50%
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-to-floating</FONT></FONT> rate subordinated debentures due July&nbsp;1, 2026;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;will rank senior in right of payment and upon the Company&#146;s liquidation to any of the
Company&#146;s existing junior subordinated debentures and any of its future indebtedness the terms of which provide that such indebtedness ranks junior in right of payment to note indebtedness such as the Notes, including the existing
$20.6&nbsp;million aggregate principal amount of the Company&#146;s Floating Rate Junior Subordinated Debentures due 2033, the $32.0&nbsp;million aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2035, the
$12.4&nbsp;million aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2035, the $10.3&nbsp;million aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2035, the $30.9&nbsp;million
aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2036, the $5.2&nbsp;million aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2037, the $5.2&nbsp;million aggregate principal amount
of its Floating Rate Junior Subordinated Debentures due 2038, and the $3.1&nbsp;million aggregate principal amount of its Floating Rate Junior Subordinated Debentures due 2038; and</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8194;&#8202;will be effectively
subordinated to the Company&#146;s future secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness of the Company&#146;s subsidiaries,
including, without limitation, depositors of the Bank, liabilities to general creditors and liabilities arising in the ordinary course of business or otherwise.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">As of June&nbsp;30, 2020, on a consolidated basis the Company had, in the aggregate, outstanding liabilities of $12.8&nbsp;billion,
including $11.8&nbsp;billion in deposits. In addition, as of June&nbsp;30, 2020, the Company had no indebtedness that would rank senior to the Notes, $113.9&nbsp;million that would rank <I>pari passu</I> with the Notes, and $110.5&nbsp;million that
would rank subordinate to the Notes.</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B>CUSIP/ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">75970E AD9 / US75970EAD94</TD></TR>
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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" NOWRAP><B><FONT STYLE="white-space:nowrap">Lead&nbsp;Book-Running&nbsp;Manager:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Piper Sandler&nbsp;&amp; Co.</TD></TR>
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<TD VALIGN="top" NOWRAP><B><FONT STYLE="white-space:nowrap">Active&nbsp;Book-Running&nbsp;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">Keefe, Bruyette&nbsp;&amp; Woods, <I>A Stifel Company</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Raymond James&nbsp;&amp; Associates, Inc.</P></TD></TR>
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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" NOWRAP><B><FONT STYLE="white-space:nowrap">Co-Manager:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Stephens Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer expects that delivery of the Notes will be to investors on or about Settlement Date indicated above, which will
be the third business day following the trade date of August&nbsp;31, 2020 (such settlement cycle being referred to as &#147;T+3&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> of 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 will be
required, by virtue of the fact that the Notes will initially settle in three business days (T+3), to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade
the notes prior to their date of delivery should consult their advisors. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed a shelf registration statement (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-227386)</FONT> (including a base prospectus) and a related preliminary prospectus supplement dated August&nbsp;31, 2020 (the &#147;Preliminary Prospectus Supplement&#148;) with the Securities and
Exchange Commission (&#147;SEC&#148;) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the Preliminary Prospectus Supplement 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&#146;s website at <U>www.sec.gov.</U> Alternatively, the Issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus and the Preliminary Prospectus Supplement if you request it by calling Piper Sandler&nbsp;&amp; Co. toll-free at (866) <FONT STYLE="white-space:nowrap">805-4128</FONT> or emailing
<U><FONT STYLE="white-space:nowrap">fsg-dcm@psc.com</FONT></U>. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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.
Capitalized terms used in this Pricing Term Sheet but not defined have the meanings given them in the Preliminary Prospectus Supplement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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>
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