1. The initial public offering price of the Securities shall be 99.867% of the principal amount thereof, plus accrued interest, if any, from the date of issuance.
2. The purchase price to be paid by the Underwriters for the Securities shall be 99.217% of the principal amount thereof.
3. The interest rate on the Securities shall be 3.60% per annum.
4. At any time prior to January 1, 2029 (the Par Call Date), the Securities will be redeemable as a whole or in part, at the Companys option, at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities and (ii) the sum, as determined by the Independent Investment Banker and delivered to the Trustee, of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Securities matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus in each case accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after the Par Call Date, the Securities will be redeemable as a whole or in part, at the Companys option, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Comparable Treasury Issue means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities (assuming for this purpose that the Securities matured on the applicable Par Call Date) to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Securities.
Comparable Treasury Price means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
Independent Investment Banker means one of the Reference Treasury Dealers appointed by the Company.
Reference Treasury Dealer means each of (i) Barclays Capital Inc., (ii) J.P. Morgan Securities LLC, (iii) Mizuho Securities USA LLC and (iv) a primary U.S. Government securities dealer located in the United States (a Primary Treasury Dealer) selected by the Company, and such Primary Treasury Dealers respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.