<SEC-DOCUMENT>0001104659-25-092324.txt : 20250923
<SEC-HEADER>0001104659-25-092324.hdr.sgml : 20250923
<ACCEPTANCE-DATETIME>20250923074525
ACCESSION NUMBER:		0001104659-25-092324
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250923
DATE AS OF CHANGE:		20250923

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stellus Capital Investment Corp
		CENTRAL INDEX KEY:			0001551901
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-288252
		FILM NUMBER:		251331733

	BUSINESS ADDRESS:	
		STREET 1:		4400 POST OAK PARKWAY
		STREET 2:		SUITE 2200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		(713) 292-5400

	MAIL ADDRESS:	
		STREET 1:		4400 POST OAK PARKWAY
		STREET 2:		SUITE 2200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stellus Capital Investment Corp
		CENTRAL INDEX KEY:			0001551901
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4400 POST OAK PARKWAY
		STREET 2:		SUITE 2200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		(713) 292-5400

	MAIL ADDRESS:	
		STREET 1:		4400 POST OAK PARKWAY
		STREET 2:		SUITE 2200
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2526673d1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><FONT STYLE="color: Black"><B>Filed
Pursuant to Rule 433</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><FONT STYLE="color: Black"><B>Issuer
Free Writing Prospectus dated September 22, 2025</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><FONT STYLE="color: Black"><B>Relating
to Preliminary Prospectus Supplement dated September 22, 2025 and</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><FONT STYLE="color: Black"><B>Prospectus
dated August 6, 2025</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><FONT STYLE="color: Black"><B>Registration
No. 333-288252</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STELLUS CAPITAL INVESTMENT CORPORATION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$50,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7.25% Notes due 2030 </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 22, 2025 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; padding: 0.25pt; font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 68%"><FONT STYLE="font-size: 10pt">Stellus Capital Investment Corporation (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Security</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.250% Notes due 2030 (the &ldquo;New Notes&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Expected Rating*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Morningstar DBRS: BBBL/Stable</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$50,000,000 in aggregate principal amount of New Notes. The New Notes will be part of the same series of notes as the $75,000,000
aggregate principal amount of 7.25% Notes due 2030 previously issued on April 1, 2025 (the &ldquo;Existing Notes&rdquo;). Upon settlement,
the New Notes will be fungible, rank equally, and treated as a single series with the Existing Notes, and the outstanding aggregate principal
amount of the 7.25% Notes due 2030 will be $125,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Maturity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">April 1, 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trade Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Settlement Date**</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">September 25, 2025 (T+3)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">To repay $50,000,000 of the Company&rsquo;s 4.875% Notes due 2026.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Price to Public (Issue Price)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">101.296% of the aggregate principal amount</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">Aggregate Accrued Interest</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">$1,752,083.33 of accrued and unpaid interest from April 1, 2025 up
to, but not including, the date of delivery of the New Notes</P></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Coupon (Interest Rate)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.250%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yield to Maturity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.911%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">Yield to Worst</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">6.875%</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Spread to Benchmark Treasury</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">+319 basis points</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.625% due August 31, 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Benchmark Treasury Yield</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.686%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">April 1 and October 1, beginning October 1, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Offer to Repurchase upon a Change of Control Repurchase Event</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">If a Change of Control Repurchase Event (as defined in the Preliminary
Prospectus Supplement) occurs prior to maturity, holders will have the right, at their option, to require the Company to repurchase for
cash some or all of the New Notes at a repurchase price equal to 100% of the principal amount of the New Notes being repurchased, plus
accrued and unpaid interest to, but not including, the repurchase date.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt">Optional Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 68%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to October 1, 2029 (six months prior to the maturity date of
the New Notes) (the &ldquo;Par Call Date&rdquo;), the Company may redeem the New Notes at its option, in whole or in part, at any time
and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal
to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -15pt">&bull;&emsp;(a) the sum of the present values of the remaining scheduled payments
of principal and interest thereon discounted to the redemption date (assuming the New Notes matured on the Par Call Date) on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued
to the date of redemption; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -15pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -15pt">&bull;&emsp;100% of the principal amount of the New Notes to be redeemed, plus,
in either case, accrued and unpaid interest thereon to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -15pt">&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, the Company may redeem the New Notes,
in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the New Notes being
redeemed plus accrued and unpaid interest thereon to the redemption date.</P></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Denomination</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">858568 AC2 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">ISIN</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">US858568AC27 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Underwriting Discount</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Book-Running Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Raymond James &amp; Associates, Inc. </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">Lead Managers</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keefe, Bruyette &amp; Woods, Inc.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Oppenheimer &amp; Co. Inc.</P>
</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Co-Managers</P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladenburg
                                            Thalmann &amp; Co. Inc.</P>

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

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">TCBI Securities, Inc., doing business as Texas Capital Securities</P></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. </FONT></TD></TR>
  </TABLE>

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

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    <TD STYLE="width: 4%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Under Rule 15c6-1 under 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 New Notes on any date prior to the business day before delivery thereof will
be required, by virtue of the fact that the New Notes initially will settle T+3, to specify an alternate settlement cycle at the time
of any such trade to prevent a failed settlement. Purchasers of the New Notes who wish to trade the New Notes prior to their date of delivery
hereunder should consult their own advisors.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors are advised to carefully consider the investment objective,
risks, charges and expenses of the Company before investing. The Preliminary Prospectus Supplement, which has been filed with the U.S.
Securities and Exchange Commission (&ldquo;SEC&rdquo;), contains this and other information about the Company and should be read carefully
before investing. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in the Preliminary Prospectus Supplement and in this
pricing term sheet is not complete and may be changed. The Preliminary Prospectus Supplement and this pricing term sheet are not offers
to sell any securities of the Company and are not soliciting an offer to buy such securities in any jurisdiction where such offer and
sale is not permitted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A shelf registration statement relating to these securities is on
file with and has been declared effective by the SEC. Before you invest, you should read the Preliminary Prospectus Supplement, the accompanying
prospectus, and other documents the Company has filed with the SEC for more complete information about the Company and this offering.
You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Company, any underwriter
or any dealer participating in the offering will arrange to send you the Preliminary Prospectus Supplement and the accompanying prospectus
if you request it from Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, email: prospectus@raymondjames.com,
tel: 800-248-8863.</B></P>

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