Filed Pursuant to Rule 433
Free Writing Prospectus
Registration Statement No. 333-252723
Pricing Term Sheet
Dated as of July 31, 2023
Norfolk Southern Corporation
$600,000,000 5.050% Senior Notes due 2030
$1,000,000,000 5.350% Senior Notes due 2054
The following information, which should be read in conjunction with the Preliminary Prospectus Supplement dated July 31, 2023 (the “Preliminary Prospectus Supplement”), supplements, and to the extent it is inconsistent with replaces, the information set forth in the Preliminary Prospectus Supplement.
| Issuer: | Norfolk Southern Corporation | |
| Format: | SEC Registered | |
| Expected Ratings* (Moody’s/S&P): | Baa1/BBB+ | |
| Denominations: | $2,000 x $1,000 | |
| Trade Date: | July 31, 2023 | |
| Settlement Date: | August 2, 2023 (T+2) | |
| $600,000,000 5.050% Senior Notes due 2030 | ||
| Principal Amount: | $600,000,000 | |
| Maturity Date: | August 1, 2030 | |
| Benchmark Treasury: | 4.000% due July 31, 2030 | |
| Benchmark Treasury Price / Yield: | 99-19+ / 4.065% | |
| Spread to Benchmark Treasury: | T + 102 basis points | |
| Yield to Maturity: | 5.085% | |
| Coupon: | 5.050% | |
| Interest Payment Dates: | February 1 and August 1, commencing February 1, 2024 | |
| Public Offering Price: | 99.796% of the principal amount | |
| Optional Redemption: | Any time at the following redemption price: (i) if the notes are redeemed prior to the date that is two months prior to the Maturity Date, the greater of 100% or the make-whole amount at a discount rate equal to the applicable Treasury Yield (as defined in the Preliminary Prospectus Supplement) plus 20 basis points, and (ii) if the notes are redeemed on or after the date that is two months prior to the Maturity Date, 100%. | |
| CUSIP / ISIN: | 655844 CR7 / US655844CR73 | |
| $1,000,000,000 5.350% Senior Notes due 2054 | ||
| Principal Amount: | $1,000,000,000 | |
| Maturity Date: | August 1, 2054 | |
| Benchmark Treasury: | 3.625% due February 15, 2053 | |
| Benchmark Treasury Price / Yield: | 93-07 / 4.019% | |
| Spread to Benchmark Treasury: | T + 137 basis points | |
| Yield to Maturity: | 5.389% | |
| Coupon: | 5.350% | |
| Interest Payment Dates: | February 1 and August 1, commencing February 1, 2024 | |
| Public Offering Price: | 99.416% of the principal amount | |
| Optional Redemption: | Any time at the following redemption price: (i) if the notes are redeemed prior to the date that is six months prior to the Maturity Date, the greater of 100% or the make-whole amount at a discount rate equal to the applicable Treasury Yield (as defined in the Preliminary Prospectus Supplement) plus 25 basis points, and (ii) if the notes are redeemed on or after the date that is six months prior to the Maturity Date, 100%. | |
| CUSIP / ISIN: | 655844 CS5 / US655844CS56 | |
| Joint Book-Running Managers: | BofA Securities, Inc. Morgan Stanley & Co. LLC Wells Fargo Securities, LLC | |
| Co-Managers: | Capital One Securities, Inc. Fifth Third Securities, Inc. MUFG Securities Americas Inc. PNC Capital Markets LLC Siebert Williams Shank & Co., LLC SMBC Nikko Securities America, Inc. | |
* 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.
The Issuer has filed a registration statement and a prospectus with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus and the related 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 Web site at www.sec.gov. Alternatively, the representatives of the underwriters can arrange to send you the prospectus and related preliminary prospectus supplement if you request it by calling BofA Securities, Inc. at 1-800-294-1322, Morgan Stanley & Co. LLC at 1-866-718-1649, or Wells Fargo Securities, LLC at 1-800-645-3751. This information does not purport to be a complete description of these securities or the offering. Please refer to the preliminary prospectus supplement for a complete description of the securities. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
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