Deal Comments
Xtbs Ebtbs RV ra R2/XM/RR AD$350n 144X/Mrt D 7mt4 s msrt sscempemeci-memrt mbcrs tr 5/27/29. Xnbceicebmo Rmmrc c nceci. SBM. HX tmm stbrtmr. Z tmm c 100%. Mece/Tc/JRS (R&E)/Dmcmtr tbemc pbbs. Dscempemeci-memrt Rbmt Dctcemt Xtrmcso Tc mt JRS. DRH Rbnetro Dscemmicets. Qmcbso Xtbs Ebtbs Hbmtemts Tmt. (cbr ykRrmc Qmcbyk) mt spseteers (cbr ykDpsetei Qmcbsyk), cbtrcbr rarsrmcemt em cbr ttrtcr 67.4%, 70.4% mt 76.1% b tbmsbmetcrt cbcm rnrmrs, tbmsbmetcrt cbcm ssrcs mt cbcm Mbnami barcrt mt mtbesrt rscmcs s b mt b cbr ir rmtrt Ertrnpr 31, 2021, rsartcenrmi (b Ercems srr Rrmenemi HS). Dscempemeci Rrbnmtr Ztrcs (DRZs)o DRZ 1o Mrttr Xpsbmcr Qrrmbbsr Qs (QHQ) rnessebms cb pr rm cb b mbr cbm 302,774 cMH2r pi cbr rmt b 2025 (cbr ykDtbar 1 mt 2 2025 Dscempemeci Ztrcyk) (Kenmrmc cb aab. 15% rttcebm ns. cbr 2021 psrmemr) DRZ 2o Mrttr QHQ rnessebm emcrmseci cb pr rm cb b mbr cbm 7.46 cMH2r ar cbcm mmm cbmmrs b bbt mt attemt pi cbr rmt b 2025 (cbr ykDtbar 3 2025 Dscempemeci Ztrcyk) (Kenmrmc cb aab. 10% rttcebm ns. cbr 2021 psrmemr). Tmcrrsc cr scra-ao Bbn mt emtmtemt Si 27, 2026, cbr emcrrsc cr aipmr bm cbr Xbcrs sbmm pr emtrsrt pio 12.5pas e recbr cbr DRZ 1 b cbr DRZ 2 bs mbc prrm nrc b 25.0pas e pbcb cbr DRZ 1 b cbr DRZ 2 bnr mbc prrm nrc. Eesc E/Kb SZB. Xr Xb E. AHRo Bmt cbr tbmtrmc crmtr brs b cbr rescemt Xbcrs tr 2023 mt 2027, mt trmrm tbabcr aabsrs. Srcemto K-Mrt Xrcbtsbbo bccaso//.mrcbtsbb.tbn/ms/bbnr/#!/?sbb1t78510 Kmci Mbtro XMMH2022. Retemt 4/21. Drccmr 4/27 (Z+4). TRZso net/betb 6%s.Xtbs Ebtbs Hbmtemts Tmt. (XXDKo XMMH) (ykXtbs Ebtbsyk b cbr ykMbnamiyk), crt R2 (Dcpmr) pi Sbbtiyks mt RR (Dcpmr) pi Bectb, cbr bmtyks mtrsc emtrarmtrmc StEbmmtyks mtbesrr em crns b siscrnetr smrs mt mnpr b rscmcs, ecb rtmsenr etbc cb bm, barcr mt tmc mtbesrs em 20 tbmcers mt crecbers em Ecem Xnret mt cbr Mepprm, bs nmtcrt Mece, Tc, J.R. Sbtm mt Dmcmtr (mbtescets) s Jbemc Rbbmmrs cb mtr srers b ert-emtbnr emnrscb tmms sccemt bm Sbmti, Xaem 18, 2022.X ADE-trmbnemcrt, 144X/Mrt D srmeb msrtrt Dscempemeci-Eemrt Rbmt bremt ecb emcrnrtecr nceci ni bmmb, sptrtc cb nrc tbmtecebms. Tc mt J.R. Sbtm r tcemt s Dscempemeci-Eemrt Rbmt Dctcemt Xtrmcs cb cbr Tssr, Xtbs Ebtbs R.V., spsetei b cbr Mbnami.Mbmtrmcmi, Xtbs Ebtbs bs mmbmtrt brs cb atbsr b tsb (1) Xmi-mt-Xmm b ecs bcscmtemt 6.625% Xbcrs tr 2023, raeemt bm Beti, Xaem 22, 2022 mt (2) a cb A.D.$150,000,000 b ecs bcscmtemt 5.875% Xbcrs tr 2027, ecb m Kmi Kaecebm Ecr bm Beti, Xaem 29, 2022 mt Bemm Kaecebm Ecr bm Beti, Si 13, 2022. Zbr brs bnr Amer Ttrmceer Mbtrs.Zbr Mbnami emm pr rarsrmcrt pioZrn QrrmoStrmb Mptb yk Mber Krtcenr HetrEmerm Dtbmremetr yk Vetr Rrsetrmc b TMEts Reirm yk Mbabcr Bemmtr & Zrsi D. SmtrZrn XrmmboEes Mtmcb yk Mber Harcemt HetrSemb Zmmrmpn yk Mber Bemmtem HetrErcete Xbmr Dmcetb yk D. Smtr b TMDscempemeci MrarsrmccenroQperm Drpr yk Vetr Rrsetrmc b Dbtem Tnatc mt Dscempmr ErnrmbanrmcRMKDD MKEKXDKoXtbs Ebtbs Hbmtemts Tmt. (XXDKo XMMH) (ykXtbs Ebtbsyk b cbr ykMbnamiyk) cbti mmbmtrt cbc ecs spsetei Xtbs Ebtbs R.V. (cbr ykTssryk) emcrmts cb br srmeb msrtrt mbcrs (cbr ykXbcrsyk) em aencr amtrnrmc cb meert emsceccebmm pirs em ttbtmtr ecb Mmr 144X mtr cbr Drtecers Xtc b 1933, s nrmtrt (cbr ykDrtecers Xtcyk), mt bcsetr cbr Amecrt Dccrs cb mbm-A.D. arsbms em ttbtmtr ecb Mrtmcebm D mtr cbr Drtecers Xtc. Zbr Xbcrs r rartcrt cb pr tmcrrt bm srmeb msrtrt pses pi cbr Mbnami mt trcem b cbr Mbnamis spseteers. Zbr Xbcrs emm emtmtr Dscempemeci Rrbnmtr Ztrcs ssbtecrt ecb cbr Mbnamiyks tbnnecnrmcs cb rttr trrmbbsr ts rnessebms pi 36% em ecs rscmcs mt betrs mt pi 31% em ecs saami tbem pi 2030.Zbr cenemt b aetemt mt crns b cbr Xbcrs r sptrtc cb nrc tbmtecebms mt bcbr tcbs. Zbr abtrrts bn cbr Xbcrs bremt emm pr srt pi cbr Tssro (e) cb mt cbr crmtr brs tbmttcrt pi cbr Mbnami cb atbsr b tsb () mi mt mm b ecs A.D.$201,763,000 b ecs abarmi crmtrrt (mt mbc nmetmi ecbtm) bcscmtemt 6.625% srmeb mbcrs tr 2023, mt (p) a cb A.D.$150,000,000 ttrtcr aemteam nbmc b ecs abarmi crmtrrt (mt mbc nmetmi ecbtm) bcscmtemt 5.875% srmeb mbcrs tr 2027 mt (ee) b trmrm tbabcr aabsrs.Zbes arss rmrsr tbrs mbc tbmsceccr m br cb srmm b sbmeteccebm b m br cb pi cbrsr srtecers, mb emm cbrr pr mi smr b cbrsr srtecers, em mi sccr b testetcebm em betb stb br, sbmeteccebm b smr bmt pr mmm aeb cb rtesccebm b meetcebm mtr cbr srtecers ms b mi sccr b testetcebm. Zbr Xbcrs mt rmcrt tmcrrs bnr mbc prrm rtescrrt mtr cbr Drtecers Xtc, b mi aametpmr sccr srtecers ms, mt emm pr brrt bmmi cb meert emsceccebmm pirs asmc cb Mmr 144X abnmtcrt mtr cbr Drtecers Xtc mt bcsetr cbr Amecrt Dccrs cb mbm-A.D. arsbms em ttbtmtr ecb Mrtmcebm D mtr cbr Drtecers Xtc. Ammrss sb rtescrrt, cbr Xbcrs mt rmcrt tmcrrs ni mbc pr brrt b sbmt em cbr Amecrt Dccrs rtrac asmc cb m rrnacebm bn cbr rtesccebm rernrmcs b cbr Drtecers Xtc mt mi aametpmr sccr srtecers ms.Xpbc Xtbs EbtbsXtbs Ebtbs es cbr bmtyks mtrsc emtrarmtrmc StEbmmtyks mtbesrr, barcemt cbr mtrsc et srnetr rscmc tbem em Ecem Xnret mt cbr Mepprm. Tc bs cbr rtmsenr etbc cb bm, barcr mt tmc mtbesrs b StEbmmtyks rscmcs em 20 Ecem Xnretm mt Mepprm tbmcers mt crecbers ecb nbr cbm 2,250 rscmcs, barcrt pi cbr Mbnami b pi ecs sp-mtbesrrs, cbc cbtrcbr rnambi bnr 90 cbbsmt arbamr (s b 12/31/2021). Zbr Mbnami es msb tbnneccrt cb cbr trnrmbanrmc b cbr tbnnmecers em betb ec barcrs, cb abnetemt ibmt arbamr cbre esc bnm tbp baabcmecers mt cb cemeir ecs Mrtear b cbr Bcr cb tbernr absecenr rmnebmnrmcm enatc. Xtbs Ebtbs es mescrt b ctemt bm cbr Xr Xb Dcbt Ktbmtr (XXDKo XMMH). Zb mrm nbr pbc cbr Mbnami, amrsr nesec cbr Tmnrscbs srtcebm b b rpsecro .tbstbtbs.tbn/e.
