# EDGAR Filing Document

**Accession Number:** 0000763901
**File Stem:** 0001193125-23-064647
**Filing Date:** 2023-3
**Character Count:** 6378
**Document Hash:** cda7efd777220a0e1f147259eb4e8343
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064647.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064647

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POPULAR, INC.
- **CENTRAL INDEX KEY:** 0000763901
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 660667416
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-257218
- **FILM NUMBER:** 23716952

**BUSINESS ADDRESS:**
- **STREET 1:** 209 MUNOZ RIVERA AVE
- **STREET 2:** POPULAR CENTER BUILDING
- **CITY:** HATO REY
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7877659800

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 362708
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00936-2708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POPULAR INC
- **DATE OF NAME CHANGE:** 19970428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANPONCE CORP
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POPULAR, INC.
- **CENTRAL INDEX KEY:** 0000763901
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 660667416
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 209 MUNOZ RIVERA AVE
- **STREET 2:** POPULAR CENTER BUILDING
- **CITY:** HATO REY
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7877659800

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 362708
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00936-2708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POPULAR INC
- **DATE OF NAME CHANGE:** 19970428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANPONCE CORP
- **DATE OF NAME CHANGE:** 19920703

***Filed pursuant to Rule 433***

***March 8, 2023***

***Relating to***

***Preliminary Prospectus Supplement dated March 8, 2023***

***to***

***Prospectus dated June 21, 2021***

***Registration Statement No. 333-257218***

**POPULAR, INC.** 

<u>Pricing Term Sheet</u>

**$400,000,000 7.25% Senior Notes due 2028** 

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| | |
|:---|:---|
| **Issuer:** | Popular, Inc. (the "Company") |
| **Expected Ratings\*:** | Ba1 (Stable)/ BB+ (Stable)/ BBB- (Stable) (Moody's/S&P/Fitch) |
| **Trade Date:** | March 8, 2023 |
| **Settlement Date\*\*:** | March 13, 2023 (T+3) |
| **Principal Amount:** | $400000000 |
| **Stated Maturity Date:** | March 13, 2028 |
| **Coupon:** | 7.25% per annum |
| **Benchmark Treasury:** | 4.00% due February 29, 2028 |
| **Spread to Benchmark Treasury** | + 300 basis points (3.00%) |
| **Issue Price (Price to Public):** | 99.637% of principal amount |
| **Yield to Maturity:** | 7.338% |
| **Payment Frequency:** | Semi-annually in arrears |
| **Interest Payment Dates:** | March 13 and September 13 of each year, beginning on September 13, 2023 |
| **Optional Redemption:** | Prior to February 13, 2028 (the "Par Call Date"), the notes will be redeemable at the Company's 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 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 45 basis points (0.45%) less (b) interest accrued to the date of redemption, 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, 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 being redeemed plus accrued and unpaid interest thereon to 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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| | |
|:---|:---|
| **Denominations:** | $2,000 x $1,000 |
| **CUSIP/ISIN:** | 733174 AL0 / US733174AL01 |
| **Joint Bookrunning Managers:** | BofA Securities, Inc.<br> Goldman Sachs & Co. LLC<br> Morgan Stanley & Co. LLC |
| **Senior Co-Manager:** | Popular Securities, LLC |
| **Co-Managers:** | Barclays Capital Inc.<br> Deutsche Bank Securities Inc. <br>Hovde Group, LLC<br> Keefe, Bruyette & Woods, Inc.<br> Piper Sandler & Co.<br> PNC Capital Markets LLC<br> RBC Capital Markets, LLC<br> UBS Securities LLC |

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**\*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.** 

**\*\* Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers of the notes who wish to trade the notes on the date hereof will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the notes who wish to trade the notes prior to the settlement date should consult their own advisor.** 

**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you make a decision to invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement dated March 8, 2023 for this offering 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 visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at (800) 294-1322, Goldman Sachs & Co. LLC at (866) 471-2526 and Morgan Stanley & Co. LLC at (866) 718-1649.**