<SEC-DOCUMENT>0001193125-25-059391.txt : 20250320
<SEC-HEADER>0001193125-25-059391.hdr.sgml : 20250320
<ACCEPTANCE-DATETIME>20250320171703
ACCESSION NUMBER:		0001193125-25-059391
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250320
DATE AS OF CHANGE:		20250320

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENT BANK CORP
		CENTRAL INDEX KEY:			0000776901
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				042870273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281375
		FILM NUMBER:		25757780

	BUSINESS ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370
		BUSINESS PHONE:		7818786100

	MAIL ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENT BANK CORP
		CENTRAL INDEX KEY:			0000776901
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				042870273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370
		BUSINESS PHONE:		7818786100

	MAIL ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d942901dfwp.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">Registration Statement No. 333-281375 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Issuer Free Writing Prospectus dated March 20, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Relating to Preliminary Prospectus Supplement dated March 20, 2025 and Prospectus dated August 8, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Independent Bank Corp. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$300,000,000 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7.25% <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Subordinated Notes due 2035 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Term
Sheet </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Independent Bank Corp. (NASDAQ: INDB) (the &#147;Company&#148; or &#147;Issuer&#148;)</P></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>Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">7.25% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT> Rate Subordinated
Notes due 2035 (the &#147;Notes&#148;)</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Aggregate Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">$300,000,000</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">BBB-</FONT> by Fitch Ratings, Inc.</P></TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">March 20, 2025</P></TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">March 25, 2025 (T+3)**</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Maturity Date (if not previously redeemed):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">April&nbsp;1, 2035</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>Coupon:</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" ALIGN="justify">From and including the Settlement Date to, but excluding, April&nbsp;1, 2030 or the date of earlier redemption (the
&#147;fixed rate period&#148;), a fixed rate of 7.25%&nbsp;per annum, payable semi-annually in arrears.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">From and including April&nbsp;1, 2030 to, but excluding, the Maturity Date or the date of earlier redemption (the &#147;floating rate
period&#148;), a floating rate per annum equal to the Benchmark (which is expected to be Three-Month Term SOFR) (each as defined under &#147;Description of the Notes&#151;Payment of Principal and Interest&#151;Floating Rate Period&#148; in the
Preliminary Prospectus Supplement), plus a spread of 353 basis points, payable quarterly in arrears; provided, that if the Benchmark is less than zero, the Benchmark shall be deemed to be zero.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></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"><B>Interest Payment Dates:</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" ALIGN="justify">Fixed rate period: April&nbsp;1 and October&nbsp;1 of each year, commencing on October&nbsp;1, 2025. The last interest
payment date for the fixed rate period will be April&nbsp;1, 2030.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Floating rate period: January&nbsp;1, April&nbsp;1, July&nbsp;1 and October&nbsp;1 of each year, commencing on July&nbsp;1, 2030.</P></TD></TR>

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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> calendar day of the month immediately preceding the
applicable interest payment date.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD VALIGN="top"><B>Day Count Convention:</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" ALIGN="justify">Fixed rate period: 30/360.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Floating rate period: <FONT STYLE="white-space:nowrap">360-day</FONT> year and the number of days actually elapsed.</P></TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company may, at its option, beginning with the interest payment date of April&nbsp;1, 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 Board of Governors of the Federal Reserve System (the &#147;Federal Reserve Board&#148;) to the extent such approval is then
required under the rules of the Federal Reserve Board, 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
Preliminary Prospectus Supplement under &#147;Description of the Notes<I>&#151;</I>Optional Redemption and Redemption Upon Special Events<I></I>&#148;)<I>.</I></P></TD></TR>
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<TD VALIGN="top"><B>Special Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company may redeem the Notes at any time prior to the Maturity Date, including prior to April&nbsp;1, 2030, in whole,
but not in part, subject to obtaining the prior approval of the Federal Reserve Board to the extent such approval is then required under the rules of the Federal Reserve Board, upon or after the occurrence of (i)&nbsp;a &#147;Tax Event&#148;, (ii) a
&#147;Tier 2 Capital Event&#148;, or (iii)&nbsp;the Company becoming required to register as an investment company pursuant to 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 to be redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption (as described in the Preliminary Prospectus Supplement under &#147;Description of the Notes<I>&#151;</I>Optional Redemption and Redemption Upon
Special Events<I></I>&#148;).</P></TD></TR>
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<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">$1,000 minimum denominations and $1,000 integral multiples in excess thereof.</P></TD></TR>
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<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company intends to use the net proceeds from the offering for general corporate purposes, which may include redeeming
Enterprise Bancorp, Inc.&#146;s 5.25% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fixed-to-floating</FONT></FONT> rate subordinated notes due 2030 following the consummation of the Merger (as described in the Preliminary
Prospectus Supplement under &#147;Use of Proceeds<I></I>&#148;).</P></TD></TR>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>100% of aggregate principal amount of the Notes.</P></TD></TR>
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<TD VALIGN="top"><B>Ranking:</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" ALIGN="justify">The Notes will be general unsecured, subordinated obligations of the Company and will:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#149;&#8195;&#8202;rank junior in right of payment and upon the Company&#146;s liquidation to any of
the Company&#146;s existing and future senior indebtedness (as defined under &#147;Description of the Notes&#151;Subordination of the Notes&#148; in the Preliminary Prospectus Supplement), whether secured or unsecured;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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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; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#149;&#8195;&#8202;rank equal in right of payment and upon the Company&#146;s
liquidation with any of the Company&#146;s future subordinated indebtedness the terms of which provide that such indebtedness ranks equally with promissory notes, bonds, debentures and other evidence of indebtedness of types that include the
Notes;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#149;&#8195;&#8202;rank senior in right of payment and upon liquidation with (i)&nbsp;the
Company&#146;s existing junior subordinated debentures underlying outstanding trust preferred securities, and (ii)&nbsp;any indebtedness the terms of which provide that such indebtedness ranks junior to promissory notes, bonds, debentures and other
types of indebtedness that include the Notes; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#149;&#8195;&#8202;be structurally subordinated to all of the existing and future indebtedness,
deposits and other liabilities of the Company&#146;s bank subsidiary, Rockland Trust Company (&#147;Rockland Trust&#148;) and the Company&#146;s other current and future subsidiaries, including, without limitation, Rockland Trust&#146;s liabilities
to depositors in connection with the deposits in Rockland Trust, its liabilities to general creditors and its liabilities arising during the ordinary course or otherwise.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of December&nbsp;31, 2024, the Company had
$639&nbsp;million of borrowings outstanding with the Federal Home Loan Bank of Boston, no subordinated indebtedness outstanding ranking equally with the Notes and $61&nbsp;million of junior subordinated indebtedness on a gross basis (which was
comprised of the Company&#146;s existing junior subordinated debentures) outstanding ranking junior to the Notes.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Because the Company is a holding company, its cash flows and, consequently, its ability to pay and discharge its obligations, including the
principal of, and interest on, its debt securities depend on the dividends paid, and the distributions and other payments made, to the Company by its subsidiaries, and funds it obtains from its corporate borrowings or by selling its securities. The
Company&#146;s right to receive any dividends or to receive any payments or distributions of cash or other assets from its subsidiaries upon their liquidation or reorganization, and the consequent right of the holders of the Notes to participate in
the proceeds of those dividends, payments or distributions, are structurally subordinated to the claims of its subsidiaries&#146; respective creditors, including the depositors of Rockland Trust. As of December&nbsp;31, 2024, Rockland Trust and the
Company&#146;s other subsidiaries had outstanding indebtedness, total deposits and other liabilities of approximately $16.4&nbsp;billion, excluding intercompany liabilities.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD VALIGN="top"><B>CUSIP/ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">453836AJ7/US453836AJ75</P></TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Keefe, Bruyette&nbsp;&amp; Woods, <I>A Stifel Company </I><BR>Piper Sandler&nbsp;&amp; Co.</P></TD></TR>
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<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="justify"><B></B>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. Any such designation is provided for informational purposes only and (a)&nbsp;does not constitute an endorsement of
any securities, product or project; (b)&nbsp;does not constitute investment or financial advice; and (c)&nbsp;does not represent any type of credit or securities rating or an assessment of the issuer&#146;s economic performance, financial
obligations nor of its creditworthiness. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The Issuer expects that delivery of the Notes will be made against payment therefor on or about the
Settlement Date indicated above, which will be the third business day following the date of pricing of the Notes (this 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 one business day, 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 initially will settle in 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 own advisor. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Note: The Issuer
has filed a registration statement (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-281375)</FONT> (including a base prospectus) and a preliminary prospectus supplement, dated March 20, 2025 (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 base prospectus in that registration statement, the Preliminary Prospectus Supplement, the
final prospectus supplement (when available) 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, the underwriters or any dealer participating in the offering will arrange to send you copies of the base prospectus, the Preliminary Prospectus Supplement or final prospectus supplement (when available)
if you request it from Keefe, Bruyette&nbsp;&amp; Woods, </B><B><I>A Stifel Company, </I></B><B>by emailing USCapitalMarkets@kbw.com or Piper Sandler&nbsp;&amp; Co. by emailing <FONT STYLE="white-space:nowrap">Fsg-dcm@psc.com.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Capitalized terms used but not defined in this Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. This
Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this 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. </B></P>
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