Issuer:
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Westinghouse Air Brake Technologies Corporation
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Legal Format:
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SEC-Registered
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Size:
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2030 Notes: $500,000,000
2035 Notes: $750,000,000
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Expected Ratings:(1)
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Moody’s: Baa2 (Stable Outlook)
S&P: BBB (Stable Outlook)
Fitch: BBB (Stable Outlook)
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Maturity Date:
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2030 Notes: May 29, 2030
2035 Notes: May 29, 2035
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Coupon (Interest Rate):
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2030 Notes: 4.900%
2035 Notes: 5.500%
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Yield to Maturity:
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2030 Notes: 4.913%
2035 Notes: 5.509%
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Spread to Benchmark Treasury:
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2030 Notes: T + 85 bps
2035 Notes: T + 105 bps
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Benchmark Treasury:
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2030 Notes: 3.875% due April 30, 2030
2035 Notes: 4.250% due May 15, 2035
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Benchmark Treasury Price and Yield:
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2030 Notes: 99-05 ¼ / 4.063%
2035 Notes: 98-10+ / 4.459%
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Interest Payment Dates:
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2030 Notes: May 29 and November 29, beginning on November 29, 2025
2035 Notes: May 29 and November 29, beginning on November 29, 2025
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Day Count Convention:
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30 / 360
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Business Day Convention:
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Following, Unadjusted
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Par Call Date:
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2030 Notes: April 29, 2030 (the date that is one month prior to the maturity date)
2035 Notes: March 1, 2035 (the date that is three months prior to the maturity date)
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Optional Redemption:
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Prior to the Par Call Date, the Issuer may redeem either series of Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) equal to the greater of:
(1)
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the applicable series of Notes matured
on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points in the case of the 2030 Notes and 20 basis points
in the case of the 2035 Notes less (b) interest accrued thereon to the date of redemption, and
(2)
100% of the principal amount of the applicable series of Notes to be redeemed,
plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.
On or after the Par Call Date, the Issuer may redeem either series of Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the applicable series of
Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
See the Preliminary Prospectus Supplement for the definition of “Treasury Rate” and for further terms and provisions applicable to optional redemption.
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CUSIP / ISIN:
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2030 Notes: 960386 AS9 / US960386AS98
2035 Notes: 960386 AT7 / US960386AT71
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Price to Public:
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2030 Notes: 99.943%
2035 Notes: 99.932%
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Trade Date:
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May 19, 2025
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Settlement Date:(2)
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May 29, 2025 (T+7)
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Joint Book-Running Managers:
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BNP Paribas Securities Corp.
BofA Securities, Inc.
HSBC Securities (USA) Inc.
J.P. Morgan Securities LLC
PNC Capital Markets LLC
Citigroup Global Markets Inc.
Credit Agricole Securities (USA) Inc.
MUFG Securities Americas Inc.
Scotia Capital (USA) Inc.
SG Americas Securities, LLC
TD Securities (USA) LLC
WauBank Securities LLC
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Senior Co-Managers:
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BMO Capital Markets Corp.
Goldman Sachs & Co. LLC
Huntington Securities, Inc.
Morgan Stanley & Co. LLC
U.S. Bancorp Investments, Inc.
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Co-Managers:
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Dollar Bank, Federal Savings Bank
Northwest Bank
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