Filed Pursuant to Rule 433

Registration No. 333-262788

CSX Corporation

PRICING TERM SHEET

September 16, 2024

$550,000,000 4.900% Notes due 2055 (the “Notes”)

 

Issuer:    CSX Corporation
Expected Ratings*:    A3 / BBB+
Security:    4.900% Notes due 2055
Size:    $550,000,000
Maturity Date:    March 15, 2055
Coupon:    4.900%
Interest Payment Dates:    March 15 and September 15 of each year, commencing on March 15, 2025
Price to Public:    99.875%
Benchmark Treasury:    4.625% due May 15, 2054
Benchmark Treasury Price and Yield:    111-30+; 3.938%
Spread to Benchmark Treasury:    + 97 bps
Re-Offer Yield:    4.908%
Make-Whole Call:    T+15 bps
Par Call:    Within six months prior to the maturity date
Trade Date:    September 16, 2024
Expected Settlement Date**:    September 18, 2024 (T+2)
CUSIP / ISIN:    126408 HY2 / US126408HY20
Joint Book-Running Managers:    Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
Morgan Stanley & Co. LLC
UBS Securities LLC
Senior Co-Managers:   

Barclays Capital Inc.

BofA Securities, Inc.

Mizuho Securities USA LLC

Co-Managers:   

PNC Capital Markets LLC

Siebert Williams Shank & Co., LLC

*

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.

**

We expect that delivery of the Notes will be made against payment therefor on or about September 18, 2024, which will be the second business day after the date hereof. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one business day before delivery of the Notes will be required by virtue of the fact that the Notes initially will settle in two business days (T+2) to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors in this regard.

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 the related 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 Website 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 Citigroup Global Markets Inc. toll-free at 1-800-831-9146; J.P. Morgan Securities LLC collect at 1-212-834-4533; Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or UBS Securities LLC toll-free at 1-888-827-7275.

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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