<SEC-DOCUMENT>0001104659-20-067200.txt : 20200529
<SEC-HEADER>0001104659-20-067200.hdr.sgml : 20200529
<ACCEPTANCE-DATETIME>20200528184824
ACCESSION NUMBER:		0001104659-20-067200
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200529
DATE AS OF CHANGE:		20200528

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVERSIFIED HEALTHCARE TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-225831
		FILM NUMBER:		20923159

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		(617) 796-8350

	MAIL ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SENIOR HOUSING PROPERTIES TRUST
		DATE OF NAME CHANGE:	19981217

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVERSIFIED HEALTHCARE TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		(617) 796-8350

	MAIL ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SENIOR HOUSING PROPERTIES TRUST
		DATE OF NAME CHANGE:	19981217
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2020658-5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer
Free Writing Prospectus</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dated
May 28, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
No. 333-225831</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplementing
the Preliminary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
Supplement dated May 28, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
Prospectus dated May 28, 2020</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIVERSIFED
HEALTHCARE TRUST</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRICING
TERM SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 5pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversified
Healthcare Trust (the &#8220;<B>Issuer</B>&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantors:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain of the Issuer&#8217;s
direct and indirect subsidiaries as described in the Preliminary Prospectus Supplement referred to above (the &#8220;<B>Preliminary
Prospectus Supplement</B>&#8221;) (the &#8220;<B>Guarantors</B>&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.750%
Senior Notes due 2025 (the &#8220;<B>Notes</B>&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
Unsecured</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected Ratings<SUP>*</SUP>:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ba1 / BB+ (Moody&#8217;s
/ S&amp;P)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade
Date:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
28, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement
Date:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
2, 2020 (T+3). It is expected that delivery of the Notes will be made against payment thereof on or about June 2, 2020, which
will be the third business day following the trade date referred to above (the &#8220;<B>trade date</B>&#8221;) (such settlement
cycle being herein referred to as &#8220;T + 3&#8221;). Pursuant to Rule 15c6-1 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 on the trade date will be required, by virtue
of the fact that the Notes initially will settle&nbsp;T+3, to specify an alternate settlement cycle at the time
of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the trade date should
consult their own advisor.</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at
any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="width: 40%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Issuer expects to use the net proceeds from this offering for general business purposes, including to repay its $250.0 million
    term loan and to reduce amounts outstanding under its revolving credit facility.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross Proceeds
    to Issuer:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment
    Dates:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 15 and December
    15, commencing December 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 15, 2025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Dates:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 and December
    1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.750%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon (Interest
    Rate):</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.750% per annum</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000% of principal
    amount of the Notes, plus accrued interest, if any, from June 2, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption Provisions:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On and after June
    15, 2022, in whole or from time to time in part, at the redemption prices set forth below (expressed as a percentage of principal
    amount), plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date, if redeemed during
    the 12-month period beginning on June 15 of the years set forth below:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 30%; margin-left: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104.875</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102.438</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024
    and thereafter</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 5pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to June 15, 2022, in
    whole or from time to time in part, at a redemption price with a make-whole premium based on U.S. Treasury plus 50 basis points&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption with Equity Proceeds:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, prior to June 15, 2022, up to 40%
    of the original aggregate principal amount of the Notes (including any additional Notes) using the net cash proceeds of certain
    equity offerings at a redemption price equal to 109.750% of the principal amount thereof, plus accrued and unpaid interest,
    if any, to, but not including, the applicable redemption date, subject to the conditions stated in the Preliminary Prospectus
    Supplement.</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 5pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
of Control:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Puttable
at 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the applicable purchase
date, upon the occurrence of certain change of control events described in the Preliminary Prospectus Supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25525PAA5 / US25525PAA57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denominations/Multiple:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 / $1,000</FONT></TD></TR>
</TABLE>




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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 39%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Investors:</B></FONT></TD>
<TD STYLE="vertical-align: top; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following
notice to investors is in addition to the notices to investors set forth under &#8220;Underwriting (Conflicts of Interest)&#8221;
in the Preliminary Prospectus Supplement.<BR>
<BR>
<B>Notice to Prospective Investors in the United Kingdom<BR>
<BR>
</B> The communication of this pricing term sheet, the accompanying prospectus and any other document or materials relating to
the issue of the Notes offered hereby is not being made, and such documents and/or materials have not been approved, by an authorized
person for the purposes of section 21 of the United Kingdom&#8217;s Financial Services and Markets Act 2000, as amended (the &#8220;FSMA&#8221;).
Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in
the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those
persons in the United Kingdom who have professional experience in matters relating to investments and who fall within the definition
of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005, as amended (the &#8220;Financial Promotion Order&#8221;)), or who fall within Article 49(2)(a) to (d) of the Financial
Promotion Order, or who are any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all
such persons together being referred to as &#8220;relevant persons&#8221;). In the United Kingdom, the Notes offered hereby are
only available to, and any investment or investment activity to which this pricing term sheet and the accompanying prospectus
relate will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not
act or rely on this pricing term sheet, the accompanying prospectus or any of their contents<BR>
<BR>
Any invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the FSMA) in connection
with the issue or sale of the Notes may only be communicated or caused to be communicated in circumstances in which Section&nbsp;21(1)
of the FSMA does not apply to us or the guarantor.<BR>
<BR>
All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the Notes
in, from or otherwise involving the United Kingdom</FONT></TD></TR>
</TABLE>

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<TR>
<TD STYLE="vertical-align: top; padding-bottom: 5pt; font-size: 10pt; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
Book-Running Managers:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt; vertical-align: bottom; width: 61%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells
Fargo Securities, LLC<BR> Citigroup Global Markets Inc.<BR>
PNC Capital Markets LLC<BR>
RBC Capital Markets, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
Lead Managers:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities, Inc.<BR>

BMO Capital Markets Corp.<BR>
Mizuho Securities USA LLC<BR>
Regions Securities LLC<BR>
SMBC Nikko Securities America, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
<TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel A. Ramirez &amp;
Company, Inc.<BR>
Morgan Stanley &amp; Co. LLC<BR>
U.S. Bancorp Investments, Inc.<BR>
UBS Securities LLC &nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Issuer and the Guarantors have filed a registration statement (including a prospectus dated May 28, 2020 and a preliminary prospectus
supplement dated May 28, 2020) 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, the Issuer, 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 Wells Fargo Securities, LLC toll-free at 1-800-645-3751, Citigroup Global Markets Inc. toll-free at 1-800-831-9146,
PNC Capital Markets LLC toll-free at 1-855-881-0697 or RBC Capital Markets, LLC toll-free at 1-866-375-6829.</B></FONT></P>

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