Final Term Sheet		Filed Pursuant to Rule 433
Medium-Term Notes, Series Q – Fixed Rate January 4, 2023		Registration No. 333-260663

PACCAR Financial Corp.

Medium-Term Notes, Series Q - Fixed Rate

CUSIP #69371RS31

(the “Notes”)

We are hereby offering to sell Notes having the terms specified below to you with the assistance of:

☒ J.P. Morgan Securities LLC

☒ BofA Securities, Inc.

☐ BNP Paribas Securities Corp.

☐ Mizuho Securities USA LLC

☐ MUFG Securities Americas Inc.

☐ RBC Capital Markets, LLC

☒ SMBC Nikko Securities America, Inc.

☐ TD Securities (USA) LLC

☒ U.S. Bancorp Investments, Inc.

☐ Wells Fargo Securities, LLC

☒ Other:

Loop Capital Markets LLC

Scotia Capital (USA) Inc.

Siebert Williams Shank & Co., LLC

acting as ☒ principal ☐ agent

 

at:	☐ varying prices related to prevailing market prices at the time of resale

☒ a fixed initial public offering price of 99.832% of the Principal Amount.

 

Principal Amount: $300,000,000		Original Issue Date: January 10, 2023 (T+4)
Agent’s Discount or Commission: 0.350%		Final Maturity Date: January 10, 2028
Net Proceeds to Company: $298,446,000		Interest Payment Dates: Semi-annually on each January 10 and July 10, commencing July 10, 2023   Record Dates: December 27 and June 26 preceding the applicable Interest Payment Date

 

Treasury Benchmark: 3.875% due December 31, 2027

Treasury Yield: 3.858%

Reoffer Spread: T+78bps

Reoffer Yield: 4.638%

Interest Rate: 4.600% per annum

Redemption:

☒	The Notes may not be redeemed prior to the Maturity Date.

☐	The Notes may be redeemed at our option prior to the Maturity Date.

Initial Redemption Date:

Initial Redemption Percentage: ____%

Annual Redemption Percentage Reduction:     % until Redemption Percentage is 100% of the Principal Amount.

Repayment:

☒	The Notes may not be repaid prior to the Maturity Date.

☐	The Notes may be repaid prior to the Maturity Date at the option of the holder of the Notes.

Option Repayment Date(s):

Currency:

Specified Currency: USD (If other than U.S. dollars, see attached)

Minimum Denominations: ___________ (Applicable only if Specified Currency is other than U.S. dollars)

Exchange Rate Agent: ___________ (Applicable only if Specified Currency is other than U.S. dollars)

If Discount Note, check ☐

Issue Price: ____%

Form:    ☒ Book-Entry         ☐    Certificated

Plan of Distribution:

 

Name		Title				Principal Amount of Notes
J.P. Morgan Securities LLC			Bookrunner			$	63,000,000
BofA Securities, Inc.			Bookrunner			$	63,000,000
SMBC Nikko Securities America, Inc.			Bookrunner			$	63,000,000
U.S. Bancorp Investments, Inc.			Bookrunner			$	63,000,000
Loop Capital Markets LLC			Co-Manager			$	12,000,000
Scotia Capital (USA) Inc.			Co-Manager			$	12,000,000
Siebert Williams Shank & Co., LLC			Co-Manager			$	24,000,000
Total						$	300,000,000

Other Provisions:

N/A

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, J.P. Morgan Securities LLC, BofA Securities, Inc., SMBC Nikko Securities America, Inc., and U.S. Bancorp Investments, Inc., or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting J.P. Morgan Securities LLC, collect at 1-212-834-4533, BofA Securities, Inc., toll-free at 1-800-294-1322, SMBC Nikko Securities America, Inc., toll-free at 1-888-868-6856, or U.S. Bancorp Investments, Inc., toll-free at 1-877-558-2607.