Exhibit 1.1.1
Execution Version
Pricing Agreement
Citigroup Global Markets Inc.
Mizuho Securities USA LLC
Wells Fargo Securities, LLC
As Representatives of the several
Underwriters named in Schedule I hereto.
September 28, 2026
Ladies and Gentlemen:
The Kroger Co., an Ohio corporation (the “Company”), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated September 28, 2026 (the “Underwriting Agreement”), to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) the securities (the “Designated Securities”) specified in Schedule II hereto. Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Pricing Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Prospectus (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus as amended or supplemented relating to the Designated Securities. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of each of the Underwriters of the Designated Securities pursuant to Section 13 of the Underwriting Agreement and the address of the Representatives referred to in such Section 13 are set forth at the end of Schedule II hereto.
An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Designated Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission.
Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters, and under other terms and conditions set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto.
The Company understands that the Underwriters intend to make a public offering of the Designated Securities as soon after the effectiveness of this Pricing Agreement as in the judgment of the Representatives is advisable, and initially to offer the Designated Securities on the terms set forth in the Time of Sale Information and the Prospectus. Schedule III hereto sets forth the Time of Sale Information made available at the Time of Sale.
If the foregoing is in accordance with your understanding, please sign and return to us three counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.
| Very Truly Yours, | ||
| THE KROGER CO. | ||
| By: | /s/ Carin L. Fike | |
| Name: | Carin L. Fike | |
| Title: | Vice President and Treasurer | |
[Signature Page to Pricing Agreement]
Citigroup Global Markets Inc.
Mizuho Securities USA LLC
Wells Fargo Securities, LLC
and the additional Underwriters named on Schedule I to this Pricing Agreement
| By: Citigroup Global Markets Inc. | ||
| By: | /s/ Adam D. Bordner | |
| Name: Adam D. Bordner | ||
| Title: Managing Director | ||
| By: | Mizuho Securities USA LLC | |
| By: | /s/ Joseph Santaniello | |
| Name: Joseph Santaniello | ||
| Title: Managing Director | ||
| By: | Wells Fargo Securities, LLC | |
| By: | /s/ Carolyn Hurley | |
| Name: Carolyn Hurley | ||
| Title: Managing Director | ||
On behalf of each of the Underwriters
[Signature Page to Pricing Agreement]
SCHEDULE I
| Underwriter | Principal Amount of Senior 5.800% Notes Due 2032 To Be Purchased | Principal Amount of Senior 6.200% Notes Due 2036 To Be Purchased | ||||||
| Citigroup Global Markets Inc. | $ | 97,500,000 | $ | 127,500,000 | ||||
| Mizuho Securities USA LLC | $ | 97,500,000 | $ | 127,500,000 | ||||
| Wells Fargo Securities, LLC | $ | 97,500,000 | $ | 127,500,000 | ||||
| Goldman Sachs & Co. LLC | $ | 26,000,000 | $ | 63,750,000 | ||||
| J.P. Morgan Securities LLC | $ | 48,750,000 | $ | 34,000,000 | ||||
| Truist Securities, Inc. | $ | 48,750,000 | $ | 63,750,000 | ||||
| BNY Mellon Capital Markets, LLC | $ | 26,000,000 | $ | 34,000,000 | ||||
| Fifth Third Securities, Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| Huntington Securities, Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| MUFG Securities Americas Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| PNC Capital Markets LLC | $ | 26,000,000 | $ | 34,000,000 | ||||
| RBC Capital Markets, LLC | $ | 26,000,000 | $ | 34,000,000 | ||||
| Scotia Capital (USA) Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| SMBC Nikko Securities America, Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| U.S. Bancorp Investments, Inc. | $ | 26,000,000 | $ | 34,000,000 | ||||
| Total | $ | 650,000,000 | $ | 850,000,000 | ||||
SCHEDULE II
Title of Designated Securities:
5.800% Senior Notes due 2032
6.200% Senior Notes due 2036
Aggregate Principal Amount:
$650,000,000 of 5.800% Senior Notes due 2032
$850,000,000 of 6.200% Senior Notes due 2036
Price to Public:
99.967% of the principal amount of the 5.800% Senior Notes due 2032, plus accrued interest from October 5, 2026
99.756% of the principal amount of the 6.200% Senior Notes due 2036, plus accrued interest from October 5, 2026
Purchase Price by Underwriters:
99.367% of the principal amount of the 5.800% Senior Notes due 2032, plus accrued interest from October 5, 2026
99.106% of the principal amount of the 6.200% Senior Notes due 2036, plus accrued interest from October 5, 2026
Specified Funds for Payment of Purchase Price:
Immediately available funds
Indenture:
Indenture dated as of June 25, 1999, between the Company and Firstar Bank, National Association (currently known as U.S. Bank Trust Company, National Association), as Trustee, as supplemented by the First Supplemental Indenture, dated June 25, 1999, the Second Supplemental Indenture, dated June 25, 1999, the Third Supplemental Indenture, dated June 25, 1999, the Fourth Supplemental Indenture, dated September 22, 1999, the Fifth Supplemental Indenture, dated September 22, 1999, the Sixth Supplemental Indenture, dated September 22, 1999, the Seventh Supplemental Indenture, dated February 11, 2000, the Eighth Supplemental Indenture, dated February 11, 2000, the Ninth Supplemental Indenture, dated August 21, 2000, the Tenth Supplemental Indenture, dated May 11, 2001, the Eleventh Supplemental Indenture, dated May 11, 2001, the Twelfth Supplemental Indenture, dated August 16, 2001, the Thirteenth Supplemental Indenture, dated April 3, 2002, the Fourteenth Supplemental Indenture, dated June 17, 2002, the Fifteenth Supplemental Indenture, dated January 28, 2003, the Sixteenth Supplemental Indenture, dated December 20, 2004, the Seventeenth Supplemental Indenture, dated August 15, 2007, the Eighteenth Supplemental Indenture, dated January 16, 2008, the Nineteenth Supplemental Indenture, dated March 27, 2008, the Twentieth Supplemental Indenture, dated March 27, 2008, the Twenty-First Supplemental Indenture, dated November 25, 2008, the Twenty-Second Supplemental Indenture, dated October 1, 2009, the Twenty-Third Supplemental Indenture, dated July 13, 2010, the Twenty-Fourth Supplemental Indenture, dated January 19, 2012, the Twenty-Fifth Supplemental Indenture, dated April 16, 2012, the Twenty-Sixth Supplemental Indenture, dated April 16, 2012, the Twenty-Seventh Supplemental Indenture, dated July 25, 2013, the Twenty-Eighth Supplemental Indenture, dated July 25, 2013, the Twenty-Ninth Supplemental Indenture, dated December 23, 2013, the Thirtieth Supplemental Indenture, dated December 23, 2013, the Thirty-First Supplemental Indenture, dated December 23, 2013, the Thirty-Second Supplemental Indenture, dated December 23, 2013, the Thirty-Third Supplemental Indenture, dated January 30, 2014, the Thirty-Fourth Supplemental Indenture, dated October 28, 2014, the Thirty-Fifth Supplemental Indenture, dated January 15, 2016, the Thirty-Sixth Supplemental Indenture, dated January 15, 2016, the Thirty-Seventh Supplemental Indenture, dated January 15, 2016, the Thirty-Eighth Supplemental Indenture, dated October 3, 2016, the Thirty-Ninth Supplemental Indenture, dated October 3, 2016, the Fortieth Supplemental Indenture, dated October 3, 2016, the Forty-First Supplemental Indenture, dated January 24, 2017, the Forty-Second Supplemental Indenture, dated July 24, 2017, the Forty-Third Supplemental Indenture, dated July 24, 2017, the Forty-Fourth Supplemental Indenture, dated July 24, 2017, the Forty-Fifth Supplemental Indenture, dated January 14, 2019, the Forty-Sixth Supplemental Indenture, dated January 14, 2019, the Forty-Seventh Supplemental Indenture, dated January 13, 2020, the Forty-Eighth Supplemental Indenture, dated April 28, 2020, the Forty-Ninth Supplemental Indenture, dated January 12, 2021, the Fiftieth Supplemental Indenture, dated August 27, 2024, the Fifty-First Supplemental Indenture, to be dated October 5, 2026, and the Fifty-Second Supplemental Indenture, to be dated October 5, 2026.
Maturity:
The 5.800% Senior Notes due 2032 will mature on February 15, 2032
The 6.200% Senior Notes due 2036 will mature on November 1, 2036
Interest Rates:
The 5.800% Senior Notes due 2032 will bear interest from October 5, 2026 at 5.800%
The 6.200% Senior Notes due 2036 will bear interest from October 5, 2026 at 6.200%
Interest Payment Dates:
Interest on the 5.800% Senior Notes due 2032 is payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2027
Interest on the 6.200% Senior Notes due 2036 is payable semiannually on May 1 and November 1 of each year, commencing on May 1, 2027
Redemption Provisions:
As described in the term sheet dated September 28, 2026 included on Schedule IV
Change of Control Put:
As described in the preliminary prospectus supplement dated September 28, 2026
Sinking Fund Provision:
No sinking fund provisions
Defeasance Provisions:
As described in the preliminary prospectus supplement dated September 28, 2026
Guarantees:
None
Time of Delivery:
October 5, 2026
Closing Location:
Offices of Freshfields US LLP
3 World Trade Center
175 Greenwich Street
New York, New York 10007
Name and Address of Representatives:
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Fax: (646) 291-1469
Attention: General Counsel
Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
Attention: Debt Capital Markets
Wells Fargo Securities, LLC
550 South Tryon Street, 6th Floor
Charlotte, North Carolina 28202
Attention: Transaction Management
Email: tmgcapitalmarkets@wellsfargo.com
Schedule III
Time of Sale Information
| 1. | Preliminary Prospectus Supplement, dated September 28, 2026, including the base prospectus included therein, dated April 21, 2026 |
| 2. | Term sheet, dated September 28, 2026, included on Schedule IV |
Schedule IV
The Kroger Co.
Pricing Term Sheet
Dated September 28, 2026
| Issuer: | The Kroger Co. |
| Security Type: | Senior Notes |
| Trade Date: | September 28, 2026 |
| Settlement Date: | October 5, 2026 (T+5) |
| Denominations: | $2,000 x $1,000 |
|
5.800% Senior Notes Due 2032 | |
| Principal Amount: | $650,000,000 |
| Maturity Date: | February 15, 2032 |
| Coupon: | 5.800% |
| Benchmark Treasury: | UST 5.000% due September 30, 2031 |
| Benchmark Treasury Price / Yield: | 99-23 ¾ / 5.059% |
| Spread to Benchmark Treasury: | T + 75 basis points |
| Yield to Maturity: | 5.809% |
| Price to Public: | 99.967% of the principal amount |
| Interest Payment Dates: | February 15 and August 15, commencing on February 15, 2027 |
| Optional Redemption Provisions: | |
| Make-whole Call: | Treasury Rate plus 15 basis points (prior to January 15, 2032) |
| Par Call: | On or after January 15, 2032 (one month prior to maturity) |
| CUSIP/ISIN: | 501044EY3 / US501044EY35
6.200% Senior Notes Due 2036 |
| Principal Amount: | $850,000,000 |
| Maturity Date: | November 1, 2036 |
| Coupon: | 6.200% |
| Benchmark Treasury: | UST 4.625% due August 15, 2036 |
| Benchmark Treasury Price / Yield: | 95-11+ / 5.232% |
| Spread to Benchmark Treasury: | T + 100 basis points |
| Yield to Maturity: | 6.232% |
| Price to Public: | 99.756% of the principal amount |
| Interest Payment Dates: | May 1 and November 1, commencing on May 1, 2027 |
| Optional Redemption Provisions: | |
| Make-whole Call: | Treasury Rate plus 15 basis points (prior to August 1, 2036) |
| Par Call: | On or after August 1, 2036 (three months prior to maturity) |
| CUSIP/ISIN: | 501044EZ0 / US501044EZ00 |
| Joint Book-Running Managers: | 5.800% Senior Notes Due 2032 Citigroup Global Markets Inc. Mizuho Securities USA LLC Wells Fargo Securities, LLC J.P. Morgan Securities LLC Truist Securities, Inc.
6.200% Senior Notes Due 2036 Citigroup Global Markets Inc. Mizuho Securities USA LLC Wells Fargo Securities, LLC Goldman Sachs & Co. LLC Truist Securities, Inc. |
| Co-Managers: | 5.800% Senior Notes Due 2032 BNY Mellon Capital Markets, LLC Fifth Third Securities, Inc. Goldman Sachs & Co. LLC Huntington Securities, Inc. MUFG Securities Americas Inc. PNC Capital Markets LLC RBC Capital Markets, LLC Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. U.S. Bancorp Investments, Inc.
6.200% Senior Notes Due 2036 BNY Mellon Capital Markets, LLC Fifth Third Securities, Inc. Huntington Securities, Inc. J.P. Morgan Securities LLC MUFG Securities Americas Inc. PNC Capital Markets LLC RBC Capital Markets, LLC Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. U.S. Bancorp Investments, Inc. |
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 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 Citigroup Global Markets Inc. toll-free at (800) 831-9146, Mizuho Securities USA LLC toll-free at (866) 271-7403 and Wells Fargo Securities, LLC toll-free at (800) 645-3751.
We expect that delivery of the notes will be made against payment therefor on or about the settlement date specified above, which will be the fifth business day following the date of this term sheet. Under Rule 15c6-1 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the business day immediately preceding delivery of the notes will be required, by virtue of the fact that the notes initially will settle in T+ 5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade the notes prior to the settlement date should consult their own advisor.
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