Walmart Inc. Files Preliminary Prospectus Supplement for Multi-Tranche Senior Notes Offering

Offering Overview

Walmart Inc. has filed a preliminary prospectus supplement pursuant to Rule 424(b)(5) under Registration Statement No. 333-275878 (accompanying prospectus dated December 4, 2023) for a proposed offering of senior unsecured notes across four series.

Key Terms & Structure

• Issuer: Walmart Inc.
• Security: Senior Unsecured Notes (four tranches, amounts and coupon rates subject to market completion).
• Ranking: Direct, senior unsecured obligations ranking pari passu with all other existing and future senior unsecured debt.
• Redemption: Optional redemption features applicable prior to maturity as described in the prospectus supplement.
• Underwriting Syndicate: Joint Book-Running Managers include BNP PARIBAS, BofA Securities, and Morgan Stanley.
• Settlement & Listing: Book-entry delivery via DTC, Euroclear, and Clearstream. The notes will not be listed on any securities exchange.

Strategic Purpose & Financial Impact

Proceeds from senior debt offerings are typically directed toward general corporate purposes, which may include refinancing existing maturities, financing capital expenditures, supporting omnichannel/supply chain automation initiatives, and funding share repurchases or dividend distributions.