Filed Pursuant to Rule 433

Registration No. 333-216285

February 28, 2017

PRICING TERM SHEET

 

     2.250% Notes due 2022
Issuer:    Johnson & Johnson
Security:    2.250% Senior Unsecured Notes due 2022
Size:    $1,000,000,000
Maturity Date:    March 3, 2022
Coupon:    2.250%
Interest Payment Dates:    Paid semi-annually on March 3 and September 3, commencing September 3, 2017
Price to Public:    99.728%
Underwriting Discount:    0.300%
Benchmark Treasury:    1.875% due February 28, 2022
Benchmark Treasury Price and Yield:    99-22+, 1.938%
Spread to Benchmark Treasury:    37 bps
Yield:    2.308%
Make-Whole Call:    Treasury +7.5 bps, prior to February 3, 2022
Par Call:    Any time on or after February 3, 2022, at 100%
Trade Date:    February 28, 2017
Expected Settlement Date:    March 3, 2017 (T+3)
CUSIP / ISIN:    478160 CD4 / US478160CD49
Expected Ratings:*   

Aaa (stable) (Moody’s)

AAA (stable) (S&P)

Joint Book-Running Managers:   

Goldman, Sachs & Co.

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc.

Senior Co-Managers:   

BNP Paribas Securities Corp.

HSBC Securities (USA) Inc.

RBS Securities Inc.

The Williams Capital Group, L.P.

Co-Managers:   

ING Financial Markets LLC

MUFG Securities Americas Inc.

RBC Capital Markets, LLC

Santander Investment Securities Inc.

UBS Securities LLC

UniCredit Capital Markets LLC

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

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus 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 obtain 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 Goldman, Sachs & Co. toll-free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322.

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