Filed pursuant to Rule 433
Registration Statement No. 333-271495
September 11, 2023
Pricing Term Sheet
Mohawk Industries, Inc.
$600,000,000 5.850% Senior Notes due 2028
| Issuer | Mohawk Industries, Inc. | |
| Issue of Notes | 5.850% Senior Notes due 2028 | |
| Expected Ratings* | Baa1/BBB+/BBB+ (Moody’s/S&P/Fitch) | |
| Principal Amount | $600,000,000 | |
| Trade Date | September 11, 2023 | |
| Settlement Date** | September 18, 2023 | |
| Maturity | September 18, 2028 | |
| Interest Payment Dates | March 18 and September 18, commencing March 18, 2024 | |
| Interest Rate | 5.850% per annum | |
| Public Offering Price | 99.987% of the principal amount | |
| Yield to Maturity | 5.853% | |
| Benchmark Treasury | 4.375% due August 31, 2028 | |
| Spread to Benchmark Treasury | T + 145 bps | |
| Benchmark Treasury Price and Yield | 99-28 and 4.403% | |
| Make-whole Call | Prior to August 18, 2028 (one month prior to the maturity date), callable at the greater of (a) the make-whole price at T+25 basis points less interest accrued to the date of redemption and (b) 100% of the principal amount, plus accrued and unpaid interest thereon to, but excluding, the redemption date | |
| Par Call | At any time on or after August 18, 2028 | |
| CUSIP/ ISIN | 608190 AM6 / US608190AM61 | |
| Joint Book-Running Managers | BofA Securities, Inc. J.P. Morgan Securities LLC Mizuho Securities USA LLC BNP Paribas Securities Corp. Wells Fargo Securities, LLC UniCredit Capital Markets LLC U.S. Bancorp Investments, Inc. Barclays Capital Inc. | |
| Co-Managers | Goldman Sachs & Co. LLC Scotia Capital (USA) Inc. KBC Securities USA 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 the closing date which will be on or about the fifth business day following the date of pricing of the notes (this settlement cycle being referred to as “T+5”). Under Rule 15c6-l of the Exchange Act, trades in the secondary market are generally required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to two business days before the date of delivery will be required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes on the date of pricing or the next succeeding business day should consult their own advisor.
The issuer has filed a registration statement (including a prospectus and a prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement 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, BofA Securities, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC. can arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Mizuho Securities USA LLC toll-free at 1-866-271-7403.
This pricing term sheet supplements the preliminary prospectus supplement issued by Mohawk Industries, Inc. dated September 11, 2023.