Bond Camden Properties Trust 2.8% ( US133131AZ59 ) in USD

Camden Properties Trust

100 % ▲

United States

US133131AZ59 ( in USD )

2.8% per year ( payment 2 times a year)

14/05/2030

Prospectus brochure of the bond Camden Property Trust US133131AZ59 en USD 2.8%, maturity 14/05/2030

2 000 USD

750 000 000 USD

133131AZ5

A- ( Upper medium grade - Investment-grade )

A3 ( Upper medium grade - Investment-grade )

15/11/2025 ( In 134 days )

Camden Property Trust is a real estate investment trust (REIT) that owns, operates, and develops multifamily apartment communities in high-growth markets across the United States.

The Bond issued by Camden Properties Trust ( United States ) , in USD, with the ISIN code US133131AZ59, pays a coupon of 2.8% per year.
The coupons are paid 2 times per year and the Bond maturity is 14/05/2030

The Bond issued by Camden Properties Trust ( United States ) , in USD, with the ISIN code US133131AZ59, was rated A3 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Camden Properties Trust ( United States ) , in USD, with the ISIN code US133131AZ59, was rated A- ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

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Table of Contents
Filed Pursuant to Rule 424(b)(5)
SEC File No. 333-217996

Proposed
Maximum
Title of Each Class of
Aggregate
Amount of
Securities to be Registered

Offering Price
Registration Fee (1)
2.800% Senior Notes due 2030

$750,000,000

$97,350

(1) Calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended.
Table of Contents
PROSPECTUS SUPPLEMENT
(To Prospectus Dated May 15, 2017)

CAMDEN PROPERTY TRUST
$750,000,000 2.800% Notes due 2030

The 2.800% Notes due 2030 offered hereby (the "Notes") will mature on May 15, 2030. Interest on the Notes will be payable on May 15 and
November 15 of each year, beginning on November 15, 2020. We may redeem the Notes in whole or in part at any time or from time to time at the
applicable redemption price described in the section entitled "Description of the Notes--Optional Redemption." The Notes will be issued in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The Notes will be our direct, senior, unsecured obligations and will rank equally with all our other unsecured and unsubordinated indebtedness from
time to time outstanding.
The Notes are a new issue of securities for which there is currently no trading market. We do not intend to apply for listing of the Notes on any
securities exchange or for inclusion of the Notes in any automated quotation system.

Investing in the Notes involves risk. See "Risk Factors" beginning on page S-5 of this prospectus supplement and
incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2019 and other
periodic filings with the Securities and Exchange Commission.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that
this prospectus supplement or the accompanying prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Per Note

Total

Public offering price

99.929%
$749,467,500
Underwriting discount

0.650%
$
4,875,000
Proceeds, before expenses, to Camden Property Trust

99.279%
$744,592,500
The public offering price and the proceeds, before expenses, to us set forth above do not include accrued interest, if any. Interest on the Notes will
accrue from April 20, 2020.
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We expect that delivery of the Notes will be made to investors through the book-entry delivery system of The Depository Trust Company for the
accounts of its participants, including Clearstream Banking, S.A., and Euroclear Bank, SA/NV, as operator for the Euroclear System, against payment in
New York, New York on or about April 20, 2020.

Joint Book-Running Managers

BofA Securities

Deutsche Bank Securities

J.P. Morgan

SunTrust Robinson Humphrey
Senior Co-Managers

Jefferies LLC

US Bancorp

Wells Fargo Securities
Co-Managers

Regions Securities LLC

Scotiabank

TD Securities

The date of this prospectus supplement is April 16, 2020.
Table of Contents
We have not, and the underwriters have not, authorized any person to give any information or to make any representations other than those contained
or incorporated by reference in this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us or
to which we have referred you, and, if given or made, you must not rely upon such information or representations as having been authorized. This
prospectus supplement and the accompanying prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the
securities described in this prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such
offer or solicitation is unlawful. Neither the delivery of this prospectus supplement or the accompanying prospectus, nor any sale made under this
prospectus supplement and the accompanying prospectus, shall under any circumstances create any implication that there has not been any change in our
affairs since the date of this prospectus supplement or that the information contained or incorporated by reference in this prospectus supplement and the
accompanying prospectus is accurate as of any time subsequent to the date of such information.
TABLE OF CONTENTS

Prospectus Supplement

Forward-Looking Statements
S-1
Summary
S-3
Risk Factors
S-5
Use of Proceeds
S-7
Capitalization
S-8
Description of the Notes
S-9
Supplemental Federal Income Tax Considerations and Consequences of Your Investment
S-15
Underwriting
S-17
Incorporation by Reference
S-22
Legal Matters
S-22
Experts
S-22
Prospectus

Where You Can Find More Information

1
The Company

2
Cautionary Statement Concerning Forward-Looking Statements

2
Use of Proceeds

3
Description of Capital Shares

4
Description of Warrants

5
Description of Debt Securities

5
Plan of Distribution

13
Ratio of Earnings to Fixed Charges

14
Federal Income Tax Considerations and Consequences of Your Investment

15
Legal Matters

36
Experts

36
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S-i
Table of Contents
FORWARD-LOOKING STATEMENTS
We have made statements in this prospectus supplement and the accompanying prospectus which are "forward-looking" in that they do not discuss
historical fact, but instead note future expectations, projections, intentions or other items relating to the future. These forward-looking statements include
those made in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus.
Reliance should not be placed on these forward-looking statements because they are subject to known and unknown risks, uncertainties and other
factors which may cause our actual results or performance to differ materially from those contemplated by the forward-looking statements. Many of those
factors are noted in conjunction with the forward-looking statements in the text.
Factors which may cause our actual results or performance to differ materially and be further amplified by the coronavirus pandemic (COVID-19)
from those contemplated by forward-looking statements include, but are not limited to, the following:

·
the ongoing COVID-19 pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of

operations, cash flows and financial condition;

·
volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of

the markets in which we operate, could adversely impact us;

·
short-term leases expose us to the effects of declining market rents;

·
competition could limit our ability to lease apartments or increase or maintain rental income;

·
we face risks associated with land holdings and related activities;

·
development, redevelopment and construction risks could impact our profitability;

·
investments through joint ventures and investment funds involve risks not present in investments in which we are the sole investor;

·
competition could adversely affect our ability to acquire properties;

·
our acquisition strategy may not produce the cash flows expected;

·
changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;

·
failure to qualify as a REIT could have adverse consequences;

·
tax laws have recently changed and may continue to change at any time, and any such legislative or other actions could have a negative effect

on us;

·
litigation risks could affect our business;

·
damage from catastrophic weather and other natural events could result in losses;

S-1
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·
the implementation of future enhancements to our new enterprise resource planning system could interfere with our business and operations;

·
a cybersecurity incident and other technology disruptions could negatively impact our business;

·
we have significant debt, which could have adverse consequences;

·
insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;

·
issuances of additional debt may adversely impact our financial condition;

·
we may be unable to renew, repay, or refinance our outstanding debt;

·
we may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined;

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·
rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for

distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments;

·
failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;

·
share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;

·
our share price will fluctuate; and

·
the form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
These forward-looking statements represent our estimates and assumptions as of the date of this prospectus supplement, and we assume no obligation
to update or supplement forward-looking statements because of subsequent events.

S-2
Table of Contents
SUMMARY
This summary is not complete and may not contain all of the information that may be important to you in deciding whether to invest in the
Notes. To understand this offering fully, you should carefully read the entire prospectus supplement and the accompanying prospectus and the
documents incorporated by reference.
Our Business
Camden Property Trust is a real estate investment trust ("REIT") primarily engaged in the ownership, management, development,
redevelopment, acquisition and construction of multifamily apartment communities. As of December 31, 2019, we owned interests in, operated, or
were developing 172 multifamily properties comprised of 58,315 apartment homes across the United States. Of the 172 properties, eight properties
were under construction as of December 31, 2019, and when completed will consist of a total of 2,208 apartment homes. Additionally, we own land
holdings which we may develop into multifamily apartment communities in the future.
Recent Developments
The ongoing COVID-19 pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of
operations, cash flows and financial condition. Due to the evolving nature of the COVID-19 pandemic, on April 15, 2020, we withdrew our
previously announced guidance for 2020.
In addition, we have taken a number of measures in response to the pandemic, including offering zero rent increases on lease renewals, waiving
late fees and creating payment plans, if needed, for residents who have been financially impacted by the COVID-19 pandemic. We estimate April
cash collections are currently 94% of typical and we have also agreed with some of our residents to defer approximately 2% of April rents for future
payment. In addition, as of April 14, 2020, same store occupancy was approximately 95.6% as compared to approximately 96.1% average same-store
occupancy for the three months ended March 31, 2020. No assurance can be given that this level of performance will be maintained, and our
performance in future periods may be materially adversely impacted by the COVID-19 pandemic. See "Risk Factors--The ongoing COVID-19
pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations, cash flows and
financial condition" for more information.
The Offering
For a more complete description of the Notes specified in the following summary, please see "Description of the Notes" in this prospectus
supplement and "Description of Debt Securities" in the accompanying prospectus.

Issuer
Camden Property Trust
Securities offered
$750,000,000 aggregate principal amount of 2.800% Notes due 2030 (the "Notes")
Maturity
May 15, 2030
Interest payment dates
Semi-annually in arrears on May 15 and November 15, commencing on November 15, 2020.
Ranking
The Notes:

· ?will be our direct, senior, unsecured obligations;

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· ?will rank equally with all of our other unsecured and unsubordinated indebtedness from time to time
outstanding; and

· ?will be effectively subordinated to our mortgages and our other secured indebtedness and to

indebtedness and other liabilities of our subsidiaries.
Use of proceeds
We intend to use the net proceeds of approximately $743.1 million, after deducting the underwriting
discounts and our other expenses related to this offering, to repay the outstanding balance on our
unsecured line of credit and for general corporate purposes, which may include property acquisitions and
development in the ordinary course of business, capital expenditures and working capital. See "Use of
Proceeds" and "Capitalization."

S-3
Table of Contents
Conflicts of interest
Certain of the underwriters of this offering or their affiliates are lenders under our unsecured line of
credit. Such underwriters or affiliates will, therefore, receive a portion of the net proceeds of this offering
through any repayment of borrowings on our unsecured line of credit. See "Underwriting--Conflicts of
Interest."
Optional redemption
We may redeem some or all of the Notes at any time and from time to time at the applicable redemption
price described in the section entitled "Description of the Notes--Optional Redemption."
Covenants
We will issue the Notes under an indenture with U.S. Bank National Association. The indenture, among
other things, restricts our ability to:

· ?borrow money;

· ?use assets as security in other transactions; and

· ?sell certain assets or merge into other companies.

See "Description of Debt Securities--Covenants" in the accompanying prospectus.

S-4
Table of Contents
RISK FACTORS
Before you decide whether to purchase any Notes, in addition to the other information in this prospectus supplement and the accompanying
prospectus, you should carefully consider the risk factors set forth below and under the heading "Risk Factors" beginning on page 2 of our Annual Report
on Form 10-K for the year ended December 31, 2019, which is incorporated by reference into this prospectus supplement and the accompanying
prospectus, as the same may be updated from time to time by our future filings under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). For more information, see the section entitled "Incorporation by Reference."
The ongoing COVID-19 pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of
operations, cash flows and financial condition.
In December 2019, COVID-19 was first reported in Wuhan, China, and in March 2020, the World Health Organization declared COVID-19 a
pandemic. The outbreak has led governments and other authorities around the world, including federal, state and local authorities in the United States, to
impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border
closings, business closures, quarantines and shelter-in-place orders.
The impact of the COVID-19 pandemic and measures to prevent its spread could negatively impact our businesses in a number of ways, including
our residents' ability or willingness to pay rents and the demand for multifamily communities within the markets we operate. In some cases, we may
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restructure residents' rent obligations, and may not do so on terms as favorable to us as those currently in place. In the event of resident nonpayment,
default or bankruptcy, we may incur costs in protecting our investment and re-leasing our property. Additionally, local and national authorities may expand
or extend certain measures imposing restrictions on our ability to enforce tenants' contractual rental obligations. The restrictions inhibiting our employees'
ability to meet with existing and potential residents has disrupted and could in the future further disrupt our ability to lease apartments which could
adversely impact our rental rate and occupancy levels.
The COVID-19 pandemic has also caused, and is likely to continue to cause, severe economic, market and other disruptions worldwide. We cannot
assure you conditions will not continue to deteriorate as a result of the pandemic. In addition, the deterioration of global economic conditions as a result of
the pandemic may ultimately decrease occupancy levels and pricing across our portfolio as residents reduce or defer their spending.
The extent of the COVID-19 pandemic's effect on our operational and financial performance will depend on future developments including the
duration, spread and intensity of the outbreak, all of which are uncertain and difficult to predict. Due to the speed with which the situation is developing, we
are not able at this time to estimate the effect of these factors on our business, but the adverse impact on our business, results of operations, financial
condition and cash flows could be material. Moreover, many of the risks described in the risk factors set forth in our 2019 Annual Report on Form 10-K
may be more likely to impact us as a result of the COVID-19 pandemic and the responses to curb its spread.
The Notes are effectively subordinated to all our existing and future secured debt and the debt and any preferred equity of our subsidiaries.
The Notes will be our senior unsecured obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness from time
to time outstanding. The Notes will be effectively subordinated to our mortgages and other secured indebtedness to the extent of the assets securing such
debt and to our subsidiaries' indebtedness to the extent of the assets of those subsidiaries. If we become insolvent or are liquidated, or if payment of any of
our secured debt is accelerated, the holders of that secured debt will be entitled to exercise the remedies available to secured lenders under applicable law,
including the ability to foreclose on and sell the assets securing such debt to satisfy such debt. In any such case, our remaining assets may be insufficient to
repay the Notes.
Because we operate a significant portion of our business through subsidiaries, we derive revenues from, and hold assets through, those subsidiaries.
In general, these subsidiaries are separate and distinct legal entities. These subsidiaries will have no obligation to pay any amounts due on our debt
securities, including the Notes, or to provide us with funds for our payment obligations, whether by dividends, distributions, loans or otherwise. Our right
to receive any assets of any subsidiary in the event of a bankruptcy or liquidation of the subsidiary, and therefore the right of our creditors to participate in
those assets, will be effectively subordinated to the claims of that subsidiary's creditors, including trade creditors, and any preferred equity holders of that
subsidiary, in each case to the extent that we are not recognized as a creditor of such subsidiary. In addition, even where we are recognized as a creditor of
a subsidiary, our rights as a creditor with respect to certain amounts are subordinated to other indebtedness of that subsidiary, including secured
indebtedness to the extent of the assets securing such indebtedness.
As of December 31, 2019, on a pro forma basis after giving effect to the issuance of the Notes offered hereby and the application of the net proceeds
from this offering, our and our subsidiaries' total outstanding indebtedness would be approximately $3,223,202,000, all of which would be unsecured.
The Notes restrict, but do not eliminate, the ability to incur additional debt or take other action that could negatively impact holders of the Notes.
Except as described under "Description of Debt Securities--Limitations on Incurrence of Indebtedness," "Description of Debt Securities--Merger,
Consolidation and Sale" and "Description of Debt Securities--Covenants" in the accompanying prospectus, the Indenture does not contain any other
provisions that would limit our ability to incur indebtedness or that would afford holders of the Notes protection if we were to engage in transactions such
as a highly leveraged or similar transaction, a change of control or a reorganization, restructuring, merger or similar transaction. In addition, subject to the
limitations set forth under "Description of Debt Securities--Limitations on Incurrence of Indebtedness," "Description of Debt Securities--Merger,
Consolidation and Sale" and "Description of Debt Securities--Covenants" in the accompanying prospectus, we may, in the future, enter into transactions,
such as the sale of all or substantially all of our assets or a merger or consolidation that would increase the amount of our indebtedness or substantially
reduce or eliminate our assets, which may have an adverse effect on our ability to service indebtedness, including the Notes. We have no present intention
of engaging in a highly leveraged or similar transaction.

S-5
Table of Contents
There is no current public market for the Notes.
The Notes are a new issue of securities for which there is currently no trading market. We do not intend to apply for listing of the Notes on any
securities exchange or for inclusion of the Notes in any automated quotation system. We cannot guarantee:

·
any trading market for the Notes will develop or be maintained;

·
the liquidity of any trading market that may develop for the Notes;

·
your ability to sell your Notes when desired or at all; or
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·
the price at which you would be able to sell your Notes.
Liquidity of any trading market for, and future trading prices of, the Notes will depend on many factors, including:

·
prevailing interest rates;

·
our operating results and cash flows;

·
credit rating or outlook changes; and

·
the market for similar securities.

S-6
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USE OF PROCEEDS
We estimate that we will receive net proceeds of approximately $743.1 million from the sale of the Notes offered by this prospectus supplement,
after deducting the underwriting discounts and our other expenses related to this offering. We intend to use the net proceeds to repay the outstanding
balance on our unsecured line of credit and for general corporate purposes, which may include property acquisitions and development in the ordinary
course of business, capital expenditures and working capital. See "Capitalization." Our line of credit matures in March 2023, with two six-month options
to extend the maturity date at our election to March 2024. At April 15, 2020, the weighted average interest rate on the approximately $104.0 million
outstanding on our unsecured line of credit was approximately 1.60%. Pending application of the net proceeds as described above, we may invest the
proceeds in short-term securities.
Certain of the underwriters of this offering or their affiliates are lenders under our unsecured line of credit. Such underwriters or affiliates will,
therefore, receive a portion of the net proceeds of this offering through any repayment of borrowings on our unsecured line of credit. See "Underwriting--
Conflicts of Interest."

S-7
Table of Contents
CAPITALIZATION
The following sets forth our debt and capitalization at December 31, 2019 and as adjusted to reflect this offering and the application of the net
proceeds of this offering as described under "Use of Proceeds" above. You should read the information included in the table in conjunction with our
unaudited condensed consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31,
2019, which is incorporated by reference in this prospectus supplement and the accompanying prospectus.

December 31, 2019

Actual

Adjustments

As Adjusted

(in thousands)

Notes Payable:

Unsecured

$2,524,099
$ 699,103(1)
$3,223,202
Secured

--

--

Total notes payable

$2,524,099

$3,223,202
Common Equity:

Common shares of beneficial interest

1,069

1,069
Additional paid-in capital

4,566,731

4,566,731
Distributions in excess of net income attributable to common
shareholders

(584,167)

(584,167)
Treasury shares, at cost

(348,419)

(348,419)
Accumulated other comprehensive income (loss)

(6,529)

(6,529)

Total common equity

3,628,685

3,628,685
Non-controlling interests

73,039

73,039

Total capitalization

$6,225,823

$6,924,926

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(1)
Represents the receipt of net proceeds of approximately $743.1 million from this offering, and assumes the use of proceeds therefrom to repay the
outstanding balance on our unsecured line of credit. As of December 31, 2019, the outstanding balance on our unsecured line of credit was
approximately $44.0 million. As of April 15, 2020, the outstanding balance on our unsecured line of credit was approximately $104.0 million.

S-8
Table of Contents
DESCRIPTION OF THE NOTES
This description of the particular terms of the Notes offered hereby supplements and, to the extent inconsistent therewith, replaces the description of
the general terms and provisions of the Notes set forth in the accompanying prospectus.
The Notes are to be issued under an Indenture dated February 11, 2003, as amended by the First Supplemental Indenture dated May 4, 2007, the
Second Supplemental Indenture dated June 3, 2011 and the Third Supplemental Indenture dated October 4, 2018 (the form of which has been filed on a
Current Report on Form 8-K as an exhibit to the registration statement of which the accompanying prospectus forms a part), which we have entered into
with U.S. Bank National Association, as successor to SunTrust Bank, and which has been filed with the Securities and Exchange Commission (the "SEC")
and is available for inspection at the corporate trust office of U.S. Bank National Association at Two James Center, 1021 E. Cary Street, Richmond,
Virginia 23219-4000. As used in this prospectus supplement, the term "Indenture" refers to the Indenture, as amended by the First Supplemental Indenture,
the Second Supplemental Indenture and the Third Supplemental Indenture, and as further amended or supplemented from time to time. The Indenture is
subject to, and governed by, the Trust Indenture Act of 1939, as amended.
The following summarizes selected provisions of the Indenture and the Notes (the form of which has been filed on Form 8-K as an exhibit to the
registration statement of which the accompanying prospectus forms a part). It does not restate the Indenture or the terms of the Notes in their entirety. We
urge you to read the Indenture and the form of the Notes because they, and not this description, define your rights as holders of the Notes.
General
The Notes will be initially limited to an aggregate principal amount of $750,000,000 and will mature on May 15, 2030, unless previously redeemed.
The Notes will be our senior unsecured obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness from time to
time outstanding. The Notes will be effectively subordinated to our mortgages and other secured indebtedness to the extent of the assets securing such debt
and to our subsidiaries' indebtedness to the extent of the assets of those subsidiaries. The Notes will be issued only in fully registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
As of December 31, 2019, on a pro forma basis after giving effect to the issuance of the Notes offered hereby and the application of the net proceeds
from this offering, our and our subsidiaries' total outstanding indebtedness would be approximately $3,223,202,000, all of which would be unsecured.
Except as described under "Description of Debt Securities--Limitations on Incurrence of Indebtedness," "Description of Debt Securities--Merger,
Consolidation and Sale" and "Description of Debt Securities--Covenants" in the accompanying prospectus, the Indenture does not contain any other
provisions that would limit our ability to incur indebtedness or that would afford holders of the Notes protection if we were to engage in transactions such
as a highly leveraged or similar transaction, a change of control or a reorganization, restructuring, merger or similar transaction. In addition, subject to the
limitations set forth under "Description of Debt Securities--Limitations on Incurrence of Indebtedness," "Description of Debt Securities--Merger,
Consolidation and Sale" and "Description of Debt Securities--Covenants" in the accompanying prospectus, we may, in the future, enter into transactions,
such as the sale of all or substantially all of our assets or a merger or consolidation that would increase the amount of our indebtedness or substantially
reduce or eliminate our assets, which may have an adverse effect on our ability to service indebtedness, including the Notes. We have no present intention
of engaging in a highly leveraged or similar transaction.
We may from time to time, without the consent of existing Note holders, create and issue further notes having the same terms and conditions as the
Notes offered hereby in all respects, except for the issue date, the issue price and, if applicable, the first payment of interest thereon; provided that if any
such additional notes are not fungible with the Notes initially offered hereby for U.S. federal income tax purposes, such additional notes issued in this
manner will have one or more separate CUSIP numbers.

S-9
Table of Contents
Principal and Interest
Interest on the Notes will accrue at the rate of 2.800% per year. Interest on the Notes will be payable semi-annually in arrears on May 15 and
November 15, commencing on November 15, 2020, to the holders of record of the Notes on the immediately preceding May 1 and November 1.
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Interest on the Notes will accrue from April 20, 2020 or, if interest has already been paid, from the date it was most recently paid. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. If any interest payment date, redemption date or maturity date falls on a day that is not a
business day, the required payment will be made on the next succeeding business day, but without any interest on the amount so payable for the period
from and after the applicable interest payment date, redemption date or maturity date to the next succeeding business day.
Optional Redemption
We may redeem on any one or more occasions some or all of the Notes before they mature. Prior to February 15, 2030, the date that is three months
prior to the maturity date of the Notes (the "Par Call Date"), the redemption price will equal the sum of (1) an amount equal to 100% of the principal
amount of the Notes to be redeemed and (2) a make-whole premium calculated by us as set forth below, together with accrued and unpaid interest up to but
not including the redemption date. We will calculate the make-whole premium as the amount of:

·
the aggregate present value as of the redemption date of each dollar of principal of the Notes being redeemed and the amount of interest
(exclusive of interest accrued to the redemption date) that would have been payable in respect of such dollar if such redemption had not been
made, assuming that the Notes matured on, and that accrued and unpaid interest on the Notes was payable through, the Par Call Date,

determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined below) determined on the
third business day preceding the date the notice of redemption is given from the respective dates on which such principal and interest would
have been payable if such redemption had not been made, over

·
the aggregate principal amount of the Notes being redeemed.
"Reinvestment Rate" means 0.35% plus the arithmetic mean of the yields displayed for each day in the preceding calendar week published in the
most recent Statistical Release (as defined below) under the caption "Treasury constant maturities" for the maturity (rounded to the nearest month)
corresponding to the then remaining maturity of such Notes being redeemed, assuming that such Notes matured on the Par Call Date. If no maturity exactly
corresponds to such maturity date, the Reinvestment Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
yields for the two published maturities most closely corresponding to such maturity date.
"Statistical Release" means the statistical release designated "H.15" or any successor publication that is published daily by the Federal Reserve
System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturities, or, if such statistical release (or a
successor publication) is not published at the time of any determination under the Indenture, then such other reasonably comparable index that we
designate.
If, however, we redeem Notes on or after the Par Call Date, the redemption price will equal 100% of the principal amount of the Notes to be
redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date.
We will give you notice of any optional redemption at your address, as shown in our security register, at least 15 but not more than 60 days before
the redemption date. The notice of redemption will specify, among other items, the redemption price and the principal amount of the Notes held by such
holder to be redeemed.

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If we redeem less than all of the Notes at any time, we will notify the trustee at least 45 days prior to the redemption date (or such shorter period as is
satisfactory to the trustee) of the aggregate principal amount of the Notes to be redeemed and their redemption date. The trustee will select the Notes to be
redeemed in such manner as it deems fair and appropriate. We will not redeem Notes in increments of less than $2,000 or other than in integral multiples
of $1,000 in excess thereof.
On and after the redemption date, the Notes or portion of them called for redemption will cease accruing interest unless we fail to give notice as
provided in the Indenture or default in the payment of the applicable redemption price.
Events of Default, Notice and Waiver
The Indenture provides that the following events are "Events of Default" with respect to the Notes:

1.
default for 30 days in the payment of any installment of interest and other amounts payable (other than principal) on any Note when due and

payable;

2.
default in the payment of the principal of any Note when due and payable;

3.
default in the performance, or breach, of any of our covenants contained in the Indenture that continues for 60 days after written notice as

provided in the Indenture;

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4.
default under any bond, debenture, note, mortgage, indenture or instrument with an aggregate principal amount outstanding of at least
$50,000,000, which default has resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, without such indebtedness having been discharged or such acceleration having been rescinded or

annulled within a period of 30 days after written notice to us as provided in the Indenture; provided, however, that such a default on
indebtedness which constitutes tax-exempt financing having an aggregate principal amount outstanding not exceeding $25,000,000 that
results solely from a failure of an entity providing credit support for such indebtedness to honor a demand for payment on a letter of credit
shall not constitute an Event of Default; or

5.
certain events of bankruptcy, insolvency or reorganization or appointment of a receiver, liquidator or trustee.
See "Description of Debt Securities--Events of Default, Notice and Waiver" in the accompanying prospectus for a description of rights, remedies
and other matters relating to Events of Default.
Discharge, Defeasance and Covenant Defeasance
The provisions of Article 14 of the Indenture relating to defeasance and covenant defeasance, which are described in the accompanying prospectus,
will apply to the Notes.
Book Entry System
The Notes will be issued in the form of one or more fully registered global securities ("Global Securities") that will be deposited with, or on behalf
of, The Depository Trust Company ("DTC"), and registered in the name of DTC's partnership nominee, Cede & Co. Except under the circumstance
described below, the Notes will not be issuable in definitive form. Unless and until it is exchanged in whole or in part for the individual notes it represents,
a Global Security may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or
by DTC or any nominee of DTC to a successor depository or any nominee of such successor.

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Investors may elect to hold their interest in the Global Securities through either DTC, Clearstream Banking, S.A. ("Clearstream") or Euroclear Bank
SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Clearstream and
Euroclear will hold interests on behalf of their participants though customers' securities accounts in Clearstream and Euroclear's names on the books of
their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the
present time, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as U.S. depositary for Euroclear.
DTC has advised us of the following information regarding DTC: DTC is a limited-purpose trust company organized under the New York Banking
Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation"
within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the
Exchange Act.
DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and
money market instruments that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct
Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry transfers and pledges between
Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S.
securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income
Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is
also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through
or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). The DTC rules applicable to its
participants are on file with the SEC.
Purchases of Global Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Global
Securities on DTC's records. The ownership interest of each actual purchaser of each Global Security ("Beneficial Owner") is in turn to be recorded on the
Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are,
however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Global Securities are to be
accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive
certificates representing their ownership interests in Global Securities, except in the event that use of the book-entry system for the Global Securities is
discontinued.
To facilitate subsequent transfers, all Global Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership
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