McDonald's Corporation filed a free writing prospectus on November 9, 2026, disclosing the pricing terms of two tranches of SEC-registered senior unsecured fixed-rate medium-term notes totaling USD 1,200,000,000, with settlement expected on November 17, 2026.

Key Highlights

  • First tranche: USD 600,000,000 of 5.200% Medium-Term Notes due November 15, 2031, priced at 99.844% of principal, yielding 5.236% to maturity.
  • Second tranche: USD 600,000,000 of 5.600% Medium-Term Notes due November 15, 2036, priced at 99.758% of principal, yielding 5.632% to maturity.
  • Spreads: The 2031 notes priced at T+55 basis points over the 4.750% Treasury due October 31, 2031; the 2036 notes priced at T+75 basis points over the 4.625% Treasury due August 15, 2036.
  • Settlement: Delivery of the notes is expected on or about November 17, 2026, on a T+5 basis.
  • Credit ratings: According to the filing, McDonald's carries Moody's Baa1 (Stable) and S&P BBB+ (Stable) ratings at the time of pricing.
  • Joint bookrunners: Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC.

McDonald's Corporation Prices Dual-Tranche Note Offering at Fixed Rates of 5.200% and 5.600%

According to the free writing prospectus filed pursuant to Rule 433 under Registration Statement No. 333-281501, McDonald's Corporation priced two tranches of senior unsecured fixed-rate medium-term notes on November 9, 2026. The first tranche consists of USD 600,000,000 in 5.200% notes maturing November 15, 2031, issued at 99.844% of par, with a yield to maturity of 5.236% and a spread of 55 basis points over the benchmark 4.750% Treasury due October 31, 2031, which carried a yield of 4.686% at pricing.

The second tranche consists of USD 600,000,000 in 5.600% notes maturing November 15, 2036, issued at 99.758% of par, with a yield to maturity of 5.632% and a spread of 75 basis points over the benchmark 4.625% Treasury due August 15, 2036, which carried a yield of 4.882% at pricing. Both tranches pay interest semi-annually on May 15 and November 15, commencing May 15, 2027, on a 30/360 day-count basis. The CUSIP for the 2031 notes is 58013MGD0 (ISIN US58013MGD02) and for the 2036 notes is 58013MGE8 (ISIN US58013MGE84).

Both tranches include optional redemption provisions. The filing discloses that prior to their respective par call dates, the issuer may redeem the notes at a make-whole price based on the Treasury Rate plus 10 basis points (2031 notes) or 15 basis points (2036 notes). On or after October 15, 2031 (for the 2031 notes) or August 15, 2036 (for the 2036 notes), the issuer may redeem at 100% of principal plus accrued interest. The filing also notes that because settlement is T+5, purchasers wishing to trade prior to the business day before delivery must specify an alternate settlement cycle to avoid a failed settlement, as secondary-market trades in the United States generally settle in one business day under Rule 15c6-1 of the Securities Exchange Act of 1934.

What Was Disclosed

McDonald's Corporation disclosed the full pricing terms for two tranches of fixed-rate medium-term notes totaling USD 1,200,000,000, including coupon rates, issue prices, yields, benchmark spreads, redemption provisions, CUSIP/ISIN identifiers, and syndicate members.