Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-258270
PRICING SUPPLEMENT NO. 6 Dated May 14, 2024
(To Prospectus Dated July 29, 2021 and
Prospectus Supplement Dated July 29, 2021)
McDONALD’S CORPORATION
Medium-Term Notes
(Fixed Rate Notes)
Due From One Year to 60 Years From Date of Issue
The following description of the terms of the Notes offered hereby
supplements, and, to the extent inconsistent therewith, replaces, the descriptions included in the Prospectus and Prospectus Supplement
referred to above, to which descriptions reference is hereby made.
Principal
Amount: |
USD
500,000,000 |
|
|
Issue
Price: |
99.624%
of the principal amount of the Notes |
|
|
Original
Issue Date: |
May
17, 2024 (T+3)1 |
|
|
Stated
Maturity: |
May
17, 2029 |
|
|
Interest
Rate: |
5.000%
per annum |
|
|
Interest
Payment Dates: |
May
17 and November 17 of each year, beginning November 17, 2024 |
[Applicable only if other than February 15 and August 15 of
each year]
Regular
Record Dates: |
May
1 and November 1 of each year, as the case may be |
[Applicable only if other than February 1 and August 1 of each year]
Form: |
x
Book-Entry ¨
Certificated |
Specified
Currency:
[Applicable only if other than U.S. dollars]
| Option to Receive
Payments in Specified Currency: ¨
Yes ¨ No |
[Applicable only if Specified Currency is
other than U.S. dollars and if Note is not in Book Entry form]
Authorized
Denominations:
[Applicable only if other than U.S.
$1,000 and increments of U.S. $1,000, or if Specified Currency is other than U.S. dollars]
| 1 | It is expected that delivery of the Notes will be made against payment therefor on or about May 17, 2024,
which will be the third business day following the date of pricing of the Notes, or “T+3.” Under Rule 15c6-1 of the Securities
Exchange Act of 1934, as amended, trades in the United States secondary market generally are required to settle in two business days,
unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing
will be required, by virtue of the fact the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of
any such trade to prevent a failed settlement. Each purchaser should consult their own advisor. |
Method
of Payment of Principal:
[Applicable only
if other than immediately available funds]
Optional
Redemption: | ¨ |
The Notes cannot be redeemed prior to Stated Maturity. |
| x | The
Notes can be redeemed in whole or in part at any time prior to Stated Maturity at the option
of McDonald’s Corporation (the “Company”) as set forth below. |
Optional
Redemption Dates: | At any time prior to Stated Maturity
at the option of the Company as set forth below. |
Redemption
Prices:
| ¨ | The
Redemption Price shall initially be % of the principal amount of the Note to be redeemed
and shall decline at each anniversary of the initial Optional Redemption Date by % of the
principal amount to be redeemed until the Redemption Price is 100% of such principal amount;
provided, however, that if this Note is an Original Issue Discount Note, the Redemption
Price shall be the Amortized Face Amount of the principal amount to be redeemed. |
| x | Other:
Prior to April 17, 2029 (the “Par Call Date”), the Company may redeem
the 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 on the Notes to be redeemed discounted to the redemption date (assuming the 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 10 basis points,
less (b) interest accrued to the redemption date, and |
| (2) | 100% of the principal amount of the Notes to be redeemed, |
plus, in either case, accrued and unpaid
interest thereon to the redemption date.
On or after the Par Call Date, the Company may redeem the 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 Notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.
“Treasury Rate” means, with
respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be determined
by the Company as of 4:15 p.m., New York City time (or as of such time as yields on U.S. government securities are posted daily by the
Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields
for the most recent day that appear as of such time on such day in the most recent statistical release published by the Board of Governors
of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or
any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the
redemption date to the Par Call Date (the
“Remaining Life”); (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two
yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than the Remaining Life and one
yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate
to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the
single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable,
of such Treasury constant maturity from the redemption date.
If on the third business day preceding
the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to
the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding the redemption date
of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date – one with a maturity date preceding the Par Call Date and one with a maturity date following the
Par Call Date – the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If
there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities
the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United
States Treasury securities at 11:00 a.m., New York City time on the second business day preceding the redemption date. For purposes of
this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices for such United States Treasury security (expressed as a percentage of principal amount and rounded to three
decimal places) at 11:00 a.m., New York City time, on the second business day preceding the redemption date.
The Company’s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error, and the trustee shall have
no duty to confirm or verify any such determination.
Unless the Company defaults in payment
of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.
Sinking
Fund: | x |
The Notes are not subject to a Sinking Fund. |
| ¨ | The Notes are subject to a Sinking Fund. |
Sinking
Fund Dates:
Sinking
Fund Amounts:
Amortizing
Note: |
¨ Yes
x No |
Amortizing
Schedule:
|
|
Outstanding Balance |
Repayment Date |
Repayment Amount |
Following Repayment Amount |
Optional
Repayment: |
o
Yes x No |
Optional Repayment
Dates:
Optional Repayment
Prices:
Original
Issue Discount Note: |
o
Yes x No |
Total Amount of
OID:
Yield to Stated
Maturity:
Initial Accrual
Period OID:
Calculation
Agent (if other than Principal Paying Agent):
Agents’
Discount: |
0.350% of
the principal amount of the Notes |
Net
proceeds to Company: |
99.274% of
the principal amount of the Notes |
Agents’
Capacity: |
o
Agent x Principal |
Agents:
Joint Bookrunners: |
BofA Securities, Inc. |
|
MUFG Securities Americas Inc. |
|
RBC Capital Markets, LLC |
Passive Bookrunners: |
U.S. Bancorp Investments, Inc.
Standard Chartered Bank
Westpac Capital Markets LLC
ANZ Securities, Inc. |
|
|
Co-Managers: |
BNP Paribas Securities Corp.
Commerz Markets LLC
HSBC Securities (USA) Inc.
ING Financial Markets LLC
PNC Capital Markets LLC
Credit Agricole Securities (USA) Inc.
Truist Securities, Inc.
UniCredit Capital Markets LLC
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
Citigroup Global Markets Inc.
SG Americas Securities, LLC
Academy Securities, Inc.
Siebert Williams Shank & Co., LLC
Loop Capital Markets LLC
Samuel A. Ramirez & Company, Inc. |
Plan of
Distribution to Agents:
Agent |
Principal Amount |
BofA Securities, Inc. |
$100,000,000 |
MUFG Securities Americas Inc. |
100,000,000 |
RBC Capital Markets, LLC |
100,000,000 |
U.S. Bancorp Investments, Inc. |
100,000,000 |
Standard Chartered Bank |
17,500,000 |
Westpac Capital Markets LLC |
17,500,000 |
ANZ Securities, Inc. |
17,500,000 |
BNP Paribas Securities Corp. |
2,500,000 |
Commerz Markets LLC |
2,500,000 |
HSBC Securities (USA) Inc. |
2,500,000 |
ING Financial Markets LLC |
2,500,000 |
PNC Capital Markets LLC |
2,500,000 |
Credit Agricole Securities (USA) Inc. |
2,500,000 |
Truist Securities, Inc. |
2,500,000 |
UniCredit Capital Markets LLC |
2,500,000 |
J.P. Morgan Securities LLC |
2,500,000 |
Wells Fargo Securities, LLC |
2,500,000 |
Citigroup Global Markets Inc. |
2,500,000 |
SG Americas Securities, LLC |
2,500,000 |
Academy Securities, Inc. |
5,000,000 |
Siebert Williams Shank & Co., LLC |
5,000,000 |
Loop Capital Markets LLC |
5,000,000 |
Samuel A. Ramirez & Company, Inc. |
2,500,000 |
Total |
$500,000,000 |
Additional
Information Regarding Agents:
Standard Chartered Bank will not effect any offers or sales of any
notes in the U.S. unless it is through one or more U.S. registered broker-dealers as permitted by the regulations of FINRA.
Modification of Prospectus Supplement, dated July 29, 2021
The Prospectus Supplement, dated July 29, 2021, is modified as
follows:
| (1) | Marketing Legends: The text appearing on pages S-ii and S-iii shall be replaced in its entirety
with the following six paragraphs: |
None of this prospectus supplement,
the accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the Prospectus Regulation (as defined
below). This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that
any offer of notes in any Member State of the European Economic Area (the “EEA”) will only be made to a legal entity
which is a qualified investor under the Prospectus Regulation (“EEA Qualified Investors”). Accordingly any person
making or intending to make an offer in any Member State of notes that are the subject of the offering contemplated in this prospectus
supplement, the accompanying prospectus and
any related pricing supplement may only do so with respect to EEA Qualified Investors. Neither
we nor the agents have authorized, nor do we or they authorize, the making of any offer of notes in the EEA other than to EEA Qualified
Investors. The expression “Prospectus Regulation” means Regulation (EU) 2017/1129, as amended.
PROHIBITION
OF SALES TO EEA RETAIL INVESTORS — The notes are not intended to be offered, sold or otherwise made available, and should
not be offered, sold or otherwise made available, to any retail investor in the EEA. For these purposes, a “retail investor”
means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended
(“MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, as amended (the “Insurance Distribution
Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID
II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently no key information document required by Regulation
(EU) No 1286/2014, as amended (the “PRIIPs Regulation”), for offering or selling the notes or otherwise making them
available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available
to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
None of this prospectus supplement,
the accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the UK Prospectus Regulation (as defined
below). This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that
any offer of notes in the United Kingdom will only be made to a legal entity which is a qualified investor under the UK Prospectus Regulation
(“UK Qualified Investors”). Accordingly any person making or intending to make an offer in the United Kingdom of notes
that are the subject of the offering contemplated in this prospectus supplement, the accompanying prospectus and any related pricing supplement
may only do so with respect to UK Qualified Investors. Neither we nor the agents have authorized, nor do we or they authorize, the making
of any offer of notes in the UK other than to UK Qualified Investors. The expression “UK Prospectus Regulation” means
Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018,
as amended by the European Union (Withdrawal Agreement) Act 2020 (the “EUWA”).
The
communication of this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials
relating to the notes is not being made, and such documents and/or materials have not been approved, by an authorized person for the
purposes of section 21 of the United Kingdom’s Financial Services and Markets Act 2000, as amended (the “FSMA”).
Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United
Kingdom. This prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials
are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the
definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005, as amended (the "Financial Promotion Order")), (ii) fall within Article 49(2)(a) to (d) of the Financial
Promotion Order, (iii) are outside the United Kingdom, or (iv) are other persons to whom it may otherwise lawfully be made under the
Financial Promotion Order (all such persons together being referred to as "relevant persons"). This prospectus supplement,
the accompanying prospectus, any related pricing supplement and
any other document or materials relating to the notes are directed only
at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity
to which prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials relates
will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely
on this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials relating
to the notes or any of their contents.
PROHIBITION
OF SALES TO UK RETAIL INVESTORS — The notes are not intended to be offered, sold or otherwise made available, and should
not be offered, sold or otherwise made available, to any retail investor in the United Kingdom. For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it
forms part of domestic law of the United Kingdom by virtue of the EUWA; (ii) a customer within the meaning of the provisions of the FSMA,
and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify
as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the
United Kingdom by virtue of the EUWA (“UK MiFIR”); or (iii) not a qualified investor as defined in Article 2 of Regulation
(EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the EUWA. Consequently no key information document
required by Regulation (EU) No 1286/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA (the “UK
PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the United Kingdom
has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the United
Kingdom may be unlawful under the UK PRIIPs Regulation.
MIFID
II/ UK MIFIR PRODUCT GOVERNANCE / TARGET MARKET — The pricing supplement in respect of any notes may include a legend
entitled “MiFID II Product Governance” and/or “UK MiFIR Product Governance”, as applicable, which will outline
the target market assessment in respect of the notes and which channels for distribution of the notes are appropriate. Any person subsequently
offering, selling or recommending the notes (a “distributor”) should take into consideration the target market assessment.
However, a distributor subject to MiFID II and/or the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK
MiFIR Product Governance Rules”), as applicable, is responsible for undertaking its own target market assessment in respect
of the notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels. A determination
will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive
2017/593, as amended (the “MiFID Product Governance Rules”), and/or the UK MiFIR Product Governance Rules, as applicable,
any agent subscribing for any notes is a manufacturer in respect of such notes, but otherwise neither the agents nor any of their respective
affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules and/or the UK MiFIR Product Governance Rules,
as applicable. We make no representation or warranty as to any manufacturer’s or distributor’s compliance with the MiFID Product
Governance Rules and/or the UK MiFIR Product Governance Rules, as applicable. We make no representation or warranty as to any manufacturer’s
or distributor’s compliance with the MiFID Product Governance Rules or the UK MiFIR Product Governance Rules, as applicable.
| (2) | Plan of Distribution: The
text under “Plan of Distribution” is amended as follows: |
| (a) | The text appearing under the subheading “Prohibition of Sales to EEA Retail Investors” on
page S-49 shall be replaced in its entirety with the following: |
Prohibition of Sales to EEA Retail Investors
Each agent has
represented and agreed, and each further agent appointed under the Distribution Agreement will be required to represent and agree, that
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available, any notes which are the subject
of the offering contemplated by this prospectus supplement as completed by the pricing supplement in relation thereto to any retail investor
in the EEA. For the purposes of this provision:
| (a) | the expression “retail investor” means a person who is one (or more) of the following: |
| (i) | a retail client as defined in point (11) of Article 4(1) of MiFID II; |
| (ii) | a customer within the meaning of the Insurance Distribution Directive, where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or |
| (iii) | not a qualified investor as defined in the Prospectus Regulation; and |
| (b) | the expression “offer” includes the communication in any form and by any means of
sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe
for the notes. |
| (b) | The text appearing under the subheading “Prohibition of Sales to United Kingdom Retail Investors”
on page S-50 shall be replaced in its entirety with the following: |
Prohibition of Sales to United Kingdom Retail Investors
Each agent has represented and agreed,
and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered, sold
or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the United Kingdom.
For the purposes of this provision:
(a)
the expression “retail investor” means a person who is one (or more) of the following:
(i)
a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA;
(ii)
a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of UK
MiFIR; or
(iii)
not a qualified investor as defined in Article 2 of the UK Prospectus Regulation; and
(b)
the expression “offer” includes the communication in any form and by any means of sufficient information on
the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.
EX-FILING FEES
Calculation of Filing Fee Tables
424(b)(2)
(Form Type)
McDonald’s
Corporation
(Exact Name of Registrant as Specified in its Charter)
Not Applicable
(Translation of Registrant’s
Name into English)
Table 1: Newly Registered and Carry Forward
Securities
|
Security Type |
Security
Class
Title |
Fee
Calculation
or Carry
Forward Rule |
Amount
Registered |
Proposed
Maximum
Offering Price
Per Unit |
Maximum
Aggregate
Offering Price |
Fee Rate |
Amount
of
Registration Fee |
Carry
Forward
Form Type |
Carry
Forward
File Number |
Carry
Forward
Initial
effective date |
Filing
Fee
Previously Paid
In Connection
with Unsold
Securities
to be Carried
Forward |
Newly
Registered Securities |
Fees to Be Paid |
Debt |
5.000% Medium-Term Notes due 2029 |
457(o) |
|
|
498,120,000 |
0.00014760 |
73,522.51 |
|
|
|
|
Fees Previously Paid |
|
|
|
|
|
|
|
|
|
|
|
|
Carry
Forward Securities |
Carry Forward Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Offering Amounts |
|
498,120,000 |
|
73,522.51 |
|
|
|
|
|
Total Fees Previously Paid |
|
|
|
|
|
|
|
|
|
Total Fee Offsets |
|
|
|
|
|
|
|
|
|
Net Fee Due |
|
|
|
73,522.51 |
|
|
|
|
Table 2: Fee Offset Claims and Sources
|
Registrant or
Filer Name |
Form
or
Filing Type |
File
Number |
Initial
Filing Date |
Filing Date |
Fee Offset
Claimed |
Security Type
Associated with
Fee Offset Claimed |
Security Title
Associated with
Fee Offset Claimed |
Unsold
Securities
Associated with
Fee Offset Claimed |
Unsold
Aggregate
Offering Amount
Associated with
Fee Offset Claimed |
Fee Paid with
Fee Offset Source |
Rules
457(b) and 0-11(a)(2) |
Fee Offset Claims |
|
|
|
|
|
|
|
|
|
|
|
Fee Offset Sources |
|
|
|
|
|
|
|
|
|
|
|
Rule
457(p) |
Fee Offset Claims |
|
|
|
|
|
|
|
|
|
|
|
Fee Offset Sources |
|
|
|
|
|
|
|
|
|
|
|
Table 3: Combined
Prospectuses
Security Type |
Security
Class Title |
Amount
of Securities
Previously Registered |
Maximum
Aggregate
Offering Price
of Securities
Previously Registered |
Form
Type |
File
Number |
Initial
Effective Date |
|
|
|
|
|
|
|
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