SEC Form FWP filed by National Rural Utilities Cooperative Finance Corporation
$NRUC
Diversified Financial Services
Finance
Filed Pursuant to Rule 433 under the Securities Act
Registration Statement No. 333-275151
Issuer Free Writing Prospectus dated May 28, 2025
CUSIP #: 63743HFY3
ISIN#: US63743HFY36
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Medium-Term Notes, Series D
With Maturities of Nine Months or More from Date of Issue
Floating Rate Notes
| Issuer: | National Rural Utilities Cooperative Finance Corporation | |||||||
| Expected Ratings*: | A2 / A (Moody’s / Fitch) | |||||||
| Principal Amount: | $525,000,000 | |||||||
| Security Type: | Senior Unsecured | |||||||
Interest Rate Basis: | Floating rate based on Compounded SOFR, calculated and reset quarterly | |||||||
| Spread: | +58 basis points | |||||||
Issue Price: | 100% of Principal Amount | |||||||
Trade Date: | May 28, 2025 | |||||||
| Original Issue Date: | June 4, 2025 (T+5) | |||||||
| Maturity Date: | November 22, 2026 | |||||||
| Interest Payment Dates: | Each February 22, May 22, August 22 and November 22, commencing August 22, 2025 | |||||||
| Interest Payment Date Convention: | Modified Following Business Day, Adjusted | |||||||
| Day Count: | Actual/360 | |||||||
| Payment at Maturity: | The payment at maturity will be 100% of the Principal Amount plus accrued and unpaid interest, if any | |||||||
| Optional Redemption: | None | |||||||
| Basis: | As Principal | |||||||
| Agents: | Mizuho Securities USA LLC | |||||||
| MUFG Securities Americas Inc. | ||||||||
| Form of Note: | Book-Entry | |||||||
| (Book-Entry or Certificated) | ||||||||
| Denominations: | $2,000 x $1,000 | |||||||
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| Other Terms: | None | |||||||
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* 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.
It is expected that delivery of the notes will be made against payment therefor on or about June 4, 2025 which is the fifth trading day following the date hereof (such settlement cycle being referred to as T+5). Purchasers of notes should note that the ability to settle secondary market trades of the notes effected prior to the first business day before the settlement date may be affected by the T+5 settlement. Accordingly, purchasers who wish to trade the notes prior to the first business day before the settlement date will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own legal advisors.
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for this offering. Before you invest, you should read the prospectus for this offering 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 searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Mizuho Securities USA LLC by calling toll-free at 1-800-685-4786 and MUFG Securities Americas Inc. by calling toll-free at 1-877-649-6848.
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