SEC Form FWP filed by J.B. Hunt Transport Services Inc.

Issuer:

J.B. Hunt Transport Services, Inc.

Guarantor:

J.B. Hunt Transport, Inc.

Title of Securities:

4.900% Senior Notes due 2030

Expected Ratings:*

Baa1 (Stable) / BBB+ (Stable) (Moody’s / S&P)

Securities Type:

SEC-registered

Principal Amount Offered:

$750,000,000

Trade Date:

March 11, 2025

Settlement Date (T+2)**:

March 13, 2025

Maturity Date:

March 15, 2030

Benchmark Treasury:

4.000% UST due February 28, 2030

Benchmark Treasury Price / Yield:

100-00¼ / 3.998%

Spread to Benchmark Treasury:

+95 bps

Interest Rate:

4.900%

Yield to Maturity:

4.948%

Interest Payment Dates:

Semi-annually on March 15 and September 15, starting on September 15, 2025, and ending on the Maturity Date

Price to Public:

99.789%

Optional Redemption:

       Make-Whole Call:

At any time prior to February 15, 2030 at the Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 15 bps

       Par Call:

On or after February 15, 2030 at 100%

CUSIP:

445658 CG0

ISIN:

US445658CG02

Use of Proceeds:

Net proceeds will be used to repay a term loan with a principal balance of $500,000,000 that accrues interest at 5.539% and that matures on September 27, 2025, as to which the Issuer’s operating subsidiary, J. B. Hunt Transport, Inc. is the principal obligor and the Issuer is the guarantor. Any net proceeds remaining will be used for general corporate purposes.

Denominations:

$2,000 x $1,000

Joint Book-Running Managers:

Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
BofA Securities, Inc.
Truist Securities, Inc.
PNC Capital Markets LLC
Regions Securities LLC

Co-Managers

BOK Financial Securities, Inc.
Comerica Securities, Inc.
Commerce Brokerage Services, Inc.
Huntington Securities, Inc.
Morgan Stanley & 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.

**Note:

It is expected that delivery of the Notes will be made to investors on or about March 13, 2025, which will be the second business day following the date hereof (such settlement cycle being referred to as “T+2”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the business day before delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle in T+2, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the delivery of the Notes should consult their advisors.