Obbligazione StarBucks Coffee 2% ( US855244AV14 ) in USD

Emittente StarBucks Coffee
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Stati Uniti
Codice isin  US855244AV14 ( in USD )
Tasso d'interesse 2% per anno ( pagato 2 volte l'anno)
Scadenza 11/03/2027



Prospetto opuscolo dell'obbligazione Starbucks US855244AV14 en USD 2%, scadenza 11/03/2027


Importo minimo 2 000 USD
Importo totale 500 000 000 USD
Cusip 855244AV1
Standard & Poor's ( S&P ) rating BBB+ ( Lower medium grade - Investment-grade )
Moody's rating Baa1 ( Lower medium grade - Investment-grade )
Coupon successivo 12/09/2026 ( In 161 giorni )
Descrizione dettagliata Starbucks è una multinazionale americana leader nel settore del caffè, nota per la sua offerta di bevande a base di caffè, tè e prodotti da forno, oltre che per l'atmosfera accogliente dei suoi locali.

The Obbligazione issued by StarBucks Coffee ( United States ) , in USD, with the ISIN code US855244AV14, pays a coupon of 2% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 11/03/2027

The Obbligazione issued by StarBucks Coffee ( United States ) , in USD, with the ISIN code US855244AV14, was rated Baa1 ( Lower medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by StarBucks Coffee ( United States ) , in USD, with the ISIN code US855244AV14, was rated BBB+ ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







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424B5 1 d869187d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-233771
CALCULATION OF REGISTRATION FEE


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

Registered

Offering Price

Offering Price

Registration Fee(1)(2)
2.000% Notes due 2027

$500,000,000

99.591%

$497,955,000

$64,635
2.250% Notes due 2030

$750,000,000

99.414%

$745,605,000

$96,780
3.350% Notes due 2050

$500,000,000

99.232%

$496,160,000

$64,402
Total

$1,750,000,000

--

$1,739,720,000

$225,817


(1)
Calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended.
(2)
This "Calculation of Registration Fee" table shall be deemed to update the "Calculation of Registration Fee" table in the Company's Registration
Statement on Form S-3 (File No. 333-233771) in accordance with Rules 456(b) and 457(r) under the Securities Act of 1933.
Table of Contents

PROSPECTUS SUPPLEMENT
(To Prospectus dated September 13, 2019)


$1,750,000,000
Starbucks Corporation
$500,000,000 2.000% Senior Notes due 2027
$750,000,000 2.250% Senior Notes due 2030
$500,000,000 3.350% Senior Notes due 2050


Starbucks is offering $500,000,000 aggregate principal amount of 2.000% Senior Notes due 2027 (the "2027 notes"), $750,000,000 aggregate principal amount
of 2.250% Senior Notes due 2030 (the "2030 notes") and $500,000,000 aggregate principal amount of 3.350% Senior Notes due 2050 (the "2050 notes" and, together
with the 2027 notes and the 2030 notes, the "notes"). The 2027 notes will mature on March 12, 2027, the 2030 notes will mature on March 12, 2030 and the 2050 notes
will mature on March 12, 2050. Starbucks will pay interest on the notes semiannually in arrears on March 12 and September 12 of each year, beginning September 12,
2020. Starbucks may redeem some or all of the notes of any series offered hereby in whole at any time or in part from time to time prior to their maturity at the
applicable redemption prices described under "Description of Notes -- Redemption." If Starbucks experiences a change of control triggering event in respect of a series
of notes offered hereby, it may be required to offer to purchase the notes of such series from holders as described under "Description of Notes -- Offer to Repurchase
upon a Change of Control Triggering Event."
The notes will be Starbucks' senior unsecured obligations and will rank equally in right of payment with all of its other senior unsecured indebtedness from time
to time outstanding. The notes of each series offered hereby will be issued only in minimum denominations of $2,000 and integral multiples of $1,000 thereof.


Investing in the notes involves risks that are described or referred to in the "Risk Factors" section beginning on page
S-7 of this prospectus supplement.



Per 2027 Note

Total

Per 2030 Note

Total

Per 2050 Note

Total

Initial public offering price(1)


99.591%
$497,955,000

99.414%
$745,605,000

99.232%
$496,160,000
Underwriting discount


0.400%
$
2,000,000

0.450%
$
3,375,000

0.875%
$
4,375,000
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Proceeds, before expenses, to Starbucks


99.191%
$495,955,000

98.964%
$742,230,000

98.357%
$491,785,000

(1)
Plus accrued interest from March 12, 2020, if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
Delivery of the notes offered hereby in book-entry form will be made only through the facilities of The Depository Trust Company for the accounts of its
participants, including Clearstream Banking, S.A., and Euroclear Bank SA/NV on or about March 12, 2020.


Joint Book-Running Managers

BofA Securities

Goldman Sachs & Co. LLC

Morgan Stanley
US Bancorp
Citigroup
Senior Co-Managers

Wells Fargo Securities

J.P. Morgan

Scotiabank
Co-Managers

Fifth Third Securities

HSBC

Rabo Securities
SunTrust Robinson Humphrey
Blaylock Van, LLC



Loop Capital Markets
The date of this prospectus supplement March 10, 2020.
Table of Contents
You should carefully read this prospectus supplement, the accompanying prospectus and any free writing prospectus we have authorized. You should
rely only on the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus and any free writing
prospectus that we have authorized. Neither we nor the underwriters have authorized anyone to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We and the underwriters are offering to sell, and seeking offers to buy, the notes
only in jurisdictions where such offers and sales are permitted. The information contained in this prospectus supplement and the accompanying prospectus
is accurate only as of the date of this prospectus supplement or the date of the accompanying prospectus and the information in the documents incorporated
by reference in this prospectus supplement and the accompanying prospectus is accurate only as of the date of those respective documents, regardless of the
time of delivery of this prospectus supplement and the accompanying prospectus or of any sale of the notes. If the information varies between this
prospectus supplement and the accompanying prospectus, the information in this prospectus supplement supersedes the information in the accompanying
prospectus.
TABLE OF CONTENTS
Prospectus Supplement


Page
About this Prospectus Supplement
S-i
Summary
S-1
Risk Factors
S-7
Use of Proceeds
S-11
Description of Notes
S-12
Description of Certain Other Indebtedness
S-27
Certain United States Federal Income Tax Considerations
S-30
Underwriting (Conflicts of Interest)
S-35
Legal Matters
S-42
Experts
S-42
Incorporation of Certain Documents by Reference
S-42
Prospectus

About this Prospectus

1
The Company

1
Risk Factors

1
Forward-Looking Statements

2
Use of Proceeds

2
Description of Debt Securities

2
Legal Matters

9
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Experts

10
Where You Can Find More Information

10
Incorporation of Certain Documents by Reference

10
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This document is comprised of two parts. The first part is this prospectus supplement, which contains the terms of this offering of notes and other
information. The second part is the accompanying prospectus dated September 13, 2019, which is part of our Registration Statement on Form S-3 (SEC
Registration No. 333-233771) and contains more general information, some of which does not apply to this offering.
This prospectus supplement may add to, update or change the information in the accompanying prospectus. If information in this prospectus
supplement is inconsistent with information in the accompanying prospectus, this prospectus supplement will apply and will supersede that information in
the accompanying prospectus.
It is important for you to read and consider all information contained or incorporated by reference into this prospectus supplement and the
accompanying prospectus in making your investment decision. You should also read and consider the information in the documents to which we have
referred you in "Incorporation of Certain Documents by Reference" in this prospectus supplement and the accompanying prospectus and in "Where You
Can Find More Information" in the accompanying prospectus.
No person is authorized to give any information or to make any representation that is different from, or in addition to, those contained or incorporated
by reference into this prospectus supplement, the accompanying prospectus and, if given or made, such information or representations must not be relied
upon as having been authorized. Neither the delivery of this prospectus supplement, the accompanying prospectus, nor any sale made hereunder, shall
under any circumstances create any implication that there has been no change in our affairs since the date of this prospectus supplement, or that the
information contained or incorporated by reference into this prospectus supplement or the accompanying prospectus is correct as of any time subsequent to
the date of such information.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the notes in certain jurisdictions may be
restricted by law. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell, or an invitation on our behalf or the
underwriters or any of them, to subscribe for or purchase any of the notes, and may not be used for or in connection with an offer or solicitation by anyone,
in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. See
"Underwriting (Conflicts of Interest)."
In this prospectus supplement, unless otherwise stated or the context otherwise requires, references to "Starbucks," "we," "us," "our" and
"Company" refer to Starbucks Corporation and its consolidated subsidiaries. If we use a capitalized term in this prospectus supplement and do not define
the term in this prospectus supplement, it is defined in the accompanying prospectus.

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SUMMARY
This summary highlights selected information from, or incorporated by reference in, this prospectus supplement or the accompanying
prospectus, but may not contain all the information that may be important to you. You should read this entire prospectus supplement, the
accompanying prospectus and those documents incorporated by reference carefully, including the "Risk Factors" and the financial statements and
the related notes, before making an investment decision.
Starbucks Corporation
Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in over 80 markets. We purchase and roast
high-quality coffees that we sell, along with handcrafted coffee, tea and other beverages and a variety of high-quality food items through company-
operated stores. We also sell a variety of coffee and tea products and license our trademarks through other channels such as licensed stores, as well as
grocery and foodservice through our Global Coffee Alliance with Nestlé S.A. In addition to our flagship Starbucks Coffee brand, we sell goods and
services under the following brands: Teavana, Seattle's Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve and Princi.
Our objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. To achieve this, we are
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continuing the disciplined expansion of our global store base, adding stores in both existing, developed markets such as the United States, and in
newer, higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world. In addition, by
leveraging the experience gained through our traditional store model, we continue to offer consumers new coffee and other products in a variety of
forms, across new categories, diverse channels and alternative store formats. We also believe our Starbucks Global Social Impact strategy,
commitments related to ethically sourcing high-quality coffee, contributing positively to the communities we do business in and being an employer of
choice are contributors to our objective.
Our principal executive offices are located at 2401 Utah Avenue South, Seattle, Washington 98134, and our telephone number is (206)
447-1575. We maintain a website at http://www.starbucks.com. The information on our website is not part of this prospectus supplement or the
accompanying prospectus.
Recent Developments
Due to the outbreak of the coronavirus disease (COVID-19), we temporarily closed stores in China beginning in late January and reduced
operating hours at stores that remained open. More than half of Starbucks stores in China were temporarily closed as of January 28, 2020. These
unplanned store closures, combined with planned closures in observance of the Chinese New Year holiday, resulted in peak closures of approximately
80% of Starbucks stores in China in early February. Since that time, we have gradually reopened the vast majority of these stores in a disciplined and
thoughtful manner.
As of the date hereof, more than 90% of our stores in China are open but operating under elevated safety protocols. These protocols include
limited lobby service, minimal café seating and use of the "Contactless Starbucks Experience" leveraging Starbucks mobile ordering capabilities for
contactless service through pickup and delivery. Additionally, as a result of varying levels of travel and public health restrictions in many parts of
China, as well as low foot and vehicle traffic overall, the majority of Starbucks stores in China that are currently open are operating at reduced hours.
A small number of stores are offering delivery services only. At present, barring an unforeseen resurgence of the outbreak, we expect that at the end of
Q2 FY20, approximately 95% of our stores in China will be open but will continue to operate with elevated safety protocols and modified schedules.

S-1
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During the month of February, Starbucks China's comparable store sales were down 78% versus the prior year, primarily due to temporary store
closures, reduced operating hours and severely reduced customer traffic.
During this period of extraordinary dislocation, we continued to invest in the health and well-being of our partners in China, even while our
stores were closed, recognizing the importance of our partners to the long-term health and growth of our business:


·
Salaried partners--including the majority of our store-level partners--were paid as usual.


·
Hourly partners were paid for hours that were scheduled prior to store closures even though not worked.

·
Hourly partners who needed special financial assistance were provided a partial payment in advance for hours that they would commit to

work in the future.

·
We provided additional insurance benefits and launched an employee assistance program to provide counseling for partners in China and

their family members.
As the COVID-19 situation continues to evolve globally, Starbucks business operations in Japan, South Korea and Italy have also been
impacted by store closures and/or reduced customer traffic.

S-2
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The Offering
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The following summary is a summary of the notes, and is not intended to be complete. It does not contain all of the information that may be
important to you. For a more complete understanding of the notes, please refer to the section entitled "Description of Notes" in this prospectus
supplement and the section entitled "Description of Debt Securities" in the accompanying prospectus.

Issuer
Starbucks Corporation, a Washington corporation.

Notes Offered
$500,000,000 aggregate principal amount of 2.000% Senior Notes due 2027.


$750,000,000 aggregate principal amount of 2.250% Senior Notes due 2030.


$500,000,000 aggregate principal amount of 3.350% Senior Notes due 2050.

Maturity
The 2027 notes will mature on March 12, 2027.


The 2030 notes will mature on March 12, 2030.


The 2050 notes will mature on March 12, 2050.

Interest Payment Dates
Interest on the 2027 notes will be paid semiannually in arrears on March 12 and
September 12 of each year, beginning September 12, 2020.


Interest on the 2030 notes will be paid semiannually in arrears on March 12 and

September 12 of each year, beginning September 12, 2020.

Interest on the 2050 notes will be paid semiannually in arrears on March 12 and

September 12 of each year, beginning September 12, 2020.

Interest
The 2027 notes will bear interest at 2.000% per year. Interest on the 2027 notes will accrue
from March 12, 2020.

The 2030 notes will bear interest at 2.250% per year. Interest on the 2030 notes will accrue

from March 12, 2020.

The 2050 notes will bear interest at 3.350% per year. Interest on the 2050 notes will accrue

from March 12, 2020.

Optional Redemption
At any time prior to the applicable Par Call Date (as defined herein), we may redeem the
notes of the applicable series, in whole at any time or in part from time to time, at our
option, at a redemption price equal to the greater of:


· 100% of the aggregate principal amount of the notes to be redeemed; and

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· the sum of the present value of the remaining scheduled payments of principal and interest
on the notes being redeemed, assuming that the notes matured on the applicable Par Call
Date, (exclusive of interest accrued to the redemption date) discounted to the redemption

date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the
Treasury Rate (as defined herein) plus 25 basis points, in the case of the 2027 notes, plus
25 basis points, in the case of the 2030 notes, or plus 35 basis points, in the case of the
2050 notes,

plus, in each case, accrued and unpaid interest on the notes being redeemed to the redemption

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date.

In addition, at any time on and after the applicable Par Call Date, we may redeem some or all
of such notes of the applicable series, at our option, at a redemption price equal to 100% of

the principal amount of the notes to be redeemed plus accrued and unpaid interest on the
principal amount being redeemed to the redemption date. See "Description of Notes --
Redemption."

Offer to Repurchase Upon a Change of Control
Upon the occurrence of a "Change of Control Triggering Event," as defined under
Triggering Event
"Description of Notes -- Offer to Repurchase upon a Change of Control Triggering Event"
in respect of a series of notes offered hereby, we will be required, unless we have exercised
our option to redeem such notes, to make an offer to repurchase such notes at a price equal
to 101% of their aggregate principal amount, plus accrued and unpaid interest to, but not
including, the date of repurchase.

Ranking
The notes will rank equally in right of payment with all of our other senior unsecured
indebtedness, whether currently existing or incurred in the future. As of December 29, 2019,
we had $11,225.3 million in aggregate principal amount of senior unsecured notes
outstanding. The notes will be senior in right of payment to our subordinated indebtedness
and effectively junior in right of payment to our secured indebtedness to the extent of the
value of the collateral securing that indebtedness. As of December 29, 2019, we had no
secured indebtedness. The notes will be effectively subordinated to any existing or future
indebtedness or other liabilities, including trade payables, of any of our subsidiaries. As of
December 29, 2019, our subsidiaries had approximately $7.4 million of indebtedness
(excluding trade payables).

Certain Covenants
The indenture governing the notes contains covenants that, among other things, will limit our
ability to:

· incur, create, assume or guarantee any debt for borrowed money secured by a lien upon

any principal property or shares of stock or indebtedness of any subsidiary that owns any
principal property;

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· enter into certain sale and lease-back transactions; and

· consolidate with or merge into, or transfer or lease all or substantially all of our assets to,

any other party.

These covenants are subject to important exceptions and qualifications that are described
under the heading "Description of Notes -- Certain Covenants -- Limitation on Liens," "--

Limitation on Sale and Lease-Back Transactions" and "-- Limitation on Mergers and Other
Transactions" in this prospectus supplement.

Use of Proceeds
We intend to use the net proceeds from the sale of the notes for general corporate purposes,
including the repayment of outstanding borrowings under our commercial paper program, the
repurchase of our common stock under our ongoing share repurchase program, business
expansion, payment of cash dividends on our common stock or the financing of possible
acquisitions. See "Use of Proceeds." One or more of the underwriters may have a "conflict of
interest" under Rule 5121(f)(5)(C)(ii) of the Financial Industry Regulatory Authority, Inc.
Conduct Rules. See "Underwriting (Conflicts of Interest) -- Conflicts of Interest."

Form and Denomination
We will issue the notes of each series offered hereby in the form of one or more fully
registered global notes, without coupons, registered in the name of the nominee of The
Depository Trust Company ("DTC"). Beneficial interests in the global notes will be
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represented through book-entry accounts of financial institutions acting on behalf of
beneficial owners as direct and indirect participants in DTC. Clearstream Banking, S.A., and
Euroclear Bank, SA/NV will hold interests on behalf of their participants through their
respective U.S. depositaries, which in turn will hold such interests in accounts as participants
of DTC. Except in the limited circumstances described in this prospectus supplement and in
the accompanying prospectus, owners of beneficial interests in the global notes will not be
entitled to have notes registered in their names, will not receive or be entitled to receive
notes in definitive form and will not be considered holders of notes under the indenture. The
notes of each series offered hereby will be issued only in minimum denominations of $2,000
and integral multiples of $1,000 in excess thereof.

Further Issuances
We may, from time to time, without giving notice to or seeking the consent of the holders or
beneficial owners of any series of notes offered hereby, issue additional debt securities
having the same terms (except for the issue date and, in some cases, the public offering price
and the first interest payment date) as, and ranking equally and ratably with, the notes of such
series. Any additional debt securities having such similar terms, together with the notes of
the applicable series offered hereby, will constitute a single series of securities under the
indenture.

S-5
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Risk Factors
Your investment in the notes will involve risks. You should carefully consider all of the
information contained in or incorporated by reference into this prospectus supplement and the
accompanying prospectus as well as the specific factors under the heading "Risk Factors"
beginning on page S-7.

Trustee
U.S. Bank National Association.

Governing Law
The indenture and the notes will be governed by, and construed in accordance with, the laws
of the State of New York.

S-6
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RISK FACTORS
Investing in the notes offered by this prospectus supplement involves risks. You should carefully consider the risk factors described below as well as
those incorporated by reference to our most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and the other
information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. The occurrence of any of these risks
might cause you to lose all or part of your investment in the notes.
Risks Relating to this Offering and the Notes
Increased leverage may harm our financial condition and results of operations.
As of December 29, 2019, we had approximately $34,490.4 million of total liabilities on a consolidated basis, including $11,225.3 million in
aggregate principal amount of senior unsecured notes outstanding. Our commercial paper program currently has a borrowing limit of $3.0 billion, which is
backstopped by our revolving credit facilities. The current commitment under our Five-Year Credit Agreement is $2.0 billion, which may be increased to
$2.5 billion, upon the consent of the lenders under our Five-Year Credit Agreement. The current commitment under our 364-Day Credit Agreement is
$1.0 billion, which may be increased to $1.5 billion, upon the consent of the lenders under our 364-Day Credit Agreement. As of December 29, 2019, we
had $497.9 million of outstanding borrowings under our commercial paper program and no amounts outstanding under our revolving credit facility. As of
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March 6, 2020, the outstanding balance under our commercial paper program was $1,837.0 million. We intend to use a portion of the net proceeds from
this offering to repay outstanding borrowings under our commercial paper program. See "Use of Proceeds."
We and our subsidiaries may incur additional indebtedness in the future and, subject to limitations on debt for borrowed money secured by liens on
our principal properties or shares of stock or indebtedness of any subsidiaries that own any principal properties, the notes do not restrict future incurrence
of indebtedness. This increase and any future increase in our level of indebtedness will have several important effects on our future operations, including,
without limitation, that:


·
we will have additional cash requirements to support the payment of interest on our outstanding indebtedness;

·
increases in our outstanding indebtedness and leverage may increase our vulnerability to adverse changes in general economic and industry

conditions, as well as to competitive pressure;


·
our ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes may be limited; and


·
our flexibility in planning for, or reacting to, changes in our business and our industry may be limited.
Our ability to make payments of principal and interest on our indebtedness depends on our future performance, which will be subject to general
economic conditions, industry cycles and financial, business and other factors affecting our consolidated operations, many of which are beyond our control.
If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things:


·
to seek additional financing in the debt or equity markets;


·
to refinance or restructure all or a portion of our indebtedness, including the notes;


·
to sell selected assets;


·
to reduce or delay planned capital expenditures; or


·
to reduce or delay planned operating expenditures.

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Such measures might not be sufficient to enable us to service our debt, including the notes. In addition, any such financing, refinancing or sale of
assets might not be available on economically favorable terms.
The notes will be effectively subordinated to the debt of our subsidiaries, which may limit your recovery.
The notes are our obligations and not obligations of any of our subsidiaries. A significant portion of our operations is conducted through our
subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due pursuant to the notes or otherwise to
make any funds available to us to repay our obligations, whether by dividends, loans or other payments. Moreover, our rights to receive assets of any
subsidiary upon its liquidation or reorganization, and the ability of holders of the notes to benefit indirectly therefrom, will be effectively subordinated to
the claims of creditors of that subsidiary, including trade creditors. As of December 29, 2019, our subsidiaries had approximately $7.4 million of
indebtedness (excluding trade payables).
The notes are subject to prior claims of any secured creditors, and if a default occurs, we may not have sufficient funds to fulfill our obligations under
the notes.
The notes are our senior unsecured general obligations, ranking equally with other senior unsecured indebtedness. The indenture governing the notes
permits us and our subsidiaries to incur additional secured debt under specific circumstances. If we incur any secured debt, all or a portion of our assets will
be subject to prior claims by our secured creditors. If our subsidiaries incur any secured debt, all or a portion of their assets will be subject to prior claims
by their secured creditors. In the event of our bankruptcy, liquidation, reorganization, dissolution or other winding up, assets that secure debt will be
available to pay obligations on the notes only after all debt secured by those assets has been repaid in full. Holders of the notes will participate in our
remaining assets ratably with all of our other unsecured and senior creditors, including our trade creditors. If we incur any additional obligations that rank
equally with the notes, including trade payables, the holders of those obligations will be entitled to share ratably with the holders of the notes in any
proceeds distributed upon our bankruptcy, liquidation, reorganization, dissolution or other winding up. This may have the effect of reducing the amount of
proceeds paid to you. If there are not sufficient assets remaining to pay all these creditors, all or a portion of the notes then outstanding would remain
unpaid. As of December 29, 2019, we did not have any secured indebtedness.
We intend to continue to repurchase our stock and pay cash dividends to shareholders, which will reduce cash reserves and shareholders' equity that is
available for repayment of the notes.
We expect to continue to repurchase our common stock under our previously announced share repurchase program and to pay cash dividends to
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shareholders. These expenditures may be significant, and would reduce cash and shareholders' equity that is available to repay the notes.
The provisions of the notes will not necessarily protect you in the event of a highly-leveraged transaction.
The terms of the notes will not necessarily afford you protection in the event of a highly-leveraged transaction that may adversely affect you,
including a reorganization, recapitalization, restructuring, merger or other similar transactions involving us. As a result, we could enter into any such
transaction even though the transaction could increase the total amount of our outstanding indebtedness, adversely affect our capital structure or credit
rating or otherwise adversely affect the holders of the notes. These transactions may not involve a change in voting power or beneficial ownership or result
in a downgrade in the ratings of the notes, or, even if they do, may not necessarily constitute a change of control triggering event that affords you the
protections described in this prospectus supplement. If any such transaction should occur, the value of your notes may decline.

S-8
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We have made only limited covenants in the indenture governing the notes and these limited covenants may not protect your investment.
The indenture governing the notes does not:

·
require us to maintain any financial ratios or specific levels of net worth, revenues, income, cash flows or liquidity and, accordingly, does not

protect holders of the notes in the event that we experience significant adverse changes in our financial condition or results of operations;


·
limit our subsidiaries' ability to incur indebtedness which would effectively rank senior to the notes;


·
limit our ability to incur indebtedness that is equal in right of payment to the notes;


·
restrict our ability to repurchase our common stock; or

·
restrict our ability to make investments or to pay dividends or make other payments in respect of our common stock or other securities

ranking junior to the notes.
Furthermore, the indenture governing the notes contains only limited protections in the event of a change of control and similar transactions. We
could engage in many types of transactions, such as acquisitions, refinancings or recapitalizations, that could substantially affect our capital structure and
the value of the notes but may not constitute a change of control that, upon any resulting downgrade in credit rating below investment grade, permits
holders to require us to repurchase their notes.
We may not be able to repurchase all of the notes upon a change of control triggering event, which would result in a default under the notes.
We may be required to offer to repurchase a series of notes upon the occurrence of a change of control triggering event with respect to such notes as
provided in the indenture governing the notes. However, we may not have sufficient funds to repurchase the notes in cash at such time. In addition, our
ability to repurchase the notes for cash may be limited by law or the terms of other agreements relating to our indebtedness outstanding at the time. Our
failure to repurchase the notes as required under the indenture governing the notes would result in a default under the indenture, which could have material
adverse consequences for us and the holders of the notes. See "Description of Notes -- Offer to Repurchase upon a Change of Control Triggering Event."
Redemption may adversely affect your return on the notes.
We may choose to redeem the notes at times when prevailing interest rates are relatively low. As a result, you may not be able to reinvest the
redemption proceeds in a comparable security at an effective interest rate as high as the notes being redeemed. Such redemption right of ours also may
adversely impact your ability to sell your notes, and/or the price at which you could sell your notes, as the redemption date approaches.
Changes in our credit ratings may adversely affect the value of the notes.
Our long-term debt is subject to periodic review by independent credit rating agencies. Such ratings are limited in scope, and do not address all
material risks relating to an investment in the notes, but rather reflect only the view of each rating agency at the time the rating is issued. Such ratings are
not recommendations to buy, sell or hold the notes. An explanation of the significance of such rating may be obtained from such rating agency. There can
be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings will not be lowered, suspended or withdrawn
entirely by the rating agencies, if, in each rating agency's judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit
ratings, including any announcement that our ratings are under further review for a downgrade, are likely to adversely affect the market value of the notes
and could increase our corporate borrowing costs. In this circumstance, no person or entity is obliged to provide any additional support or credit
enhancement with respect to the notes.

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There may not be active trading markets for the notes and the market prices of the notes may be volatile.
There are no existing markets for the notes and we do not intend to apply for listing of the notes of any series offered hereby on any securities
exchange or any automated quotation system. Accordingly, there can be no assurance that trading markets for the notes of any series offered hereby will
ever develop or will be maintained. Further, there can be no assurance as to the liquidity of any markets that may develop for the notes, your ability to sell
your notes or the prices at which you will be able to sell your notes. Future trading prices of the notes will depend on many factors, including but not
limited to prevailing interest rates, our financial condition and results of operations, the then-current ratings assigned to the notes and the market for similar
securities. Any trading market that develops would be affected by many factors independent of and in addition to the foregoing, including:


·
time remaining to the maturity of the notes;


·
outstanding amounts of the notes;


·
the terms related to the optional redemption of the notes; and


·
level, direction and volatility of market interest rates generally.

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USE OF PROCEEDS
We estimate the net proceeds from the sale of the notes offered hereby will be approximately $1,726.0 million after deduction of the underwriting
discount and the offering expenses for such notes. We intend to use the net proceeds from the sale of the notes for general corporate purposes, including
the repayment of outstanding borrowings under our commercial paper program, the repurchase of our common stock under our ongoing share repurchase
program, business expansion, payment of cash dividends on our common stock or the financing of possible acquisitions. We may temporarily invest funds
that are not immediately needed for these purposes in short-term investments, including marketable securities.
As of March 6, 2020, the outstanding balance under our commercial paper program was $1,837.0 million. The average interest rate of borrowings
under the commercial paper program was 1.88% at March 6, 2020. The outstanding borrowings under our commercial paper program as of March 6, 2020
have an average maturity of 86 days.
To the extent that net proceeds from this offering are applied to repay outstanding commercial paper held by any of the underwriters or their affiliates,
they will receive proceeds of this offering through the repayment of that indebtedness. If 5% or more of the net proceeds of this offering (not including
underwriting discounts) is used to repay such commercial paper held by at least one of the underwriters or its affiliates, this offering will be conducted in
accordance with Rule 5121 of the FINRA Conduct Rules. In such event, such underwriter or underwriters will not confirm sales of the notes to accounts
over which they exercise discretionary authority without the prior written approval of the customer.

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DESCRIPTION OF NOTES
The following description of certain material terms of the notes offered hereby does not purport to be complete. This description adds information to
the description of the general terms and provisions of the debt securities in the accompanying prospectus. To the extent this summary differs from the
summary in the accompanying prospectus, you should rely on the description of notes in this prospectus supplement.
The notes will be issued under and governed by an indenture dated as of September 15, 2016 (the "2016 base indenture") between us and U.S. Bank
National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the "trustee"), as
supplemented by a supplemental indenture to be entered into between us and the trustee on the date of issue of the notes, with respect to the notes (the
"sixth supplemental indenture" and, together with the 2016 base indenture, the "indenture"). The following description is subject to, and is qualified in its
entirety by reference to, the indenture. Unless otherwise defined herein, capitalized terms used in the following description are defined in the indenture. As
used in the following description, the terms "Starbucks," "we," "us," "our" and "Company" refer to Starbucks Corporation, a Washington corporation,
and not any of its subsidiaries, unless the context requires otherwise.
We urge you to read the indenture (including definitions of terms used therein) because it, and not this description, defines your rights as a beneficial
holder of the notes. You may request copies of the indenture from us at our address set forth under "Incorporation of Certain Documents by Reference."
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