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Section 1: FWP (FWP)

 

Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement Number 333-215085

 

The Kroger Co.

 

 

Pricing Term Sheet
Dated January 7, 2019

 

Issuer:

The Kroger Co.

Security Type:

Senior Notes

Trade Date:

January 7, 2019

Settlement Date:

January 14, 2019 (T+5)

Denominations:

$2,000 x $1,000

Expected Ratings (Moody’s / S&P)*:

Baa1 / BBB

 

 

4.500% Senior Notes Due 2029

 

 

Principal Amount:

$600,000,000

Maturity Date:

January 15, 2029

Coupon:

4.500%

Benchmark Treasury:

UST 3.125% due November 15, 2028

Benchmark Treasury Price / Yield:

103-28 / 2.675%

Spread to Benchmark Treasury:

T + 190 basis points

Yield to Maturity:

4.575%

Price to Public:

99.403% of the principal amount

Interest Payment Dates:

January 15 and July 15, commencing on July 15, 2019 

Optional Redemption Provisions:

 

Make-whole Call:

Treasury Rate plus 30 basis points (prior to October 15, 2028)

Par Call:

On or after October 15, 2028 (three months prior to maturity)

CUSIP/ISIN:

501044 DL2 / US501044DL23

 

 

5.400% Senior Notes Due 2049

 

 

Principal Amount:

$600,000,000

Maturity Date:

January 15, 2049

Coupon:

5.400%

Benchmark Treasury:

UST 3.000% due August 15, 2048

Benchmark Treasury Price / Yield:

100-16 / 2.974%

Spread to Benchmark Treasury:

T + 245 basis points

Yield to Maturity:

5.424%

Price to Public:

99.646% of the principal amount

 


 

Interest Payment Dates:

January 15 and July 15, commencing on July 15, 2019

Optional Redemption Provisions:

 

Make-whole Call:

Treasury Rate plus 40 basis points (prior to July 15, 2048)

Par Call:

On or after July 15, 2048 (six months prior to maturity)

CUSIP/ISIN:

501044 DM0 / US501044DM06

 

 

Joint Book-Running Managers:

 

 

4.500% Senior Notes Due 2029

 

Wells Fargo Securities, LLC

 

Citigroup Global Markets Inc.

 

U.S. Bancorp Investments, Inc.

 

BB&T Capital Markets, a division of

BB&T Securities, LLC

 

BNY Mellon Capital Markets, LLC

 

MUFG Securities Americas Inc.

 

 

5.400% Senior Notes Due 2049

 

Wells Fargo Securities, LLC

 

Goldman Sachs & Co. LLC

 

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

 

Fifth Third Securities, Inc.

 

RBC Capital Markets, LLC

 

Santander Investment Securities Inc.

 

 

Co-Managers:

 

 

 

4.500% Senior Notes Due 2029

 

Fifth Third Securities, Inc.

 

Goldman Sachs & Co. LLC

 

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

Mizuho Securities USA LLC

 

PNC Capital Markets LLC

RBC Capital Markets, LLC

Santander Investment Securities Inc.

 

Drexel Hamilton, LLC

 

 

5.400% Senior Notes Due 2049

 

BB&T Capital Markets, a division of

BB&T Securities, LLC

 

BNY Mellon Capital Markets, LLC

 

Citigroup Global Markets Inc.

 

Mizuho Securities USA LLC

MUFG Securities Americas Inc.

 


 

 

PNC Capital Markets LLC

 

U.S. Bancorp Investments, Inc.

The Williams Capital Group, L.P.

 


*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 (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement 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 issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus 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, Goldman Sachs & Co. LLC toll-free at 1-866-471-2526, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322, or U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607.

 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

 


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