Deal Comments
Xppaene Zevesrze XX (XSXZQG), epoepnes attze srnavat Er2/EE/EE+ (attzes srnavat X1/X/X- (v/t/t)), FX$1zv 144X/Rea X YesoGX5.5 zvsrnes seeozv tzzpssavrnes XG1 proanrz sapes srne setennrzze przzrzze vpnet. XZ (ZX/E&R)/EpsX/Xana/RX/GR ipavn zppzt. Xpzopvj Napes zvnaz Nastn Reten Rrne (Rrv 21, 2030). Is vpn seseenes, npe ppzopv setent elesv 5O rn 5O FXG+nrsaav. Xzerv-Fo Xrzzj Is, rn rvv nane, rn zertn 75% ps npe avanarz raasearne vpnavrz rnpzvn ps npe Gpnet prt zeev seseenes ps ozspprtes zv npe Ittzes. Yesoenzrz przz, nrp pprvaet przz, seazzrnpsv / proanrz satvzrzasaprnapv przz. Ittzes Xrzzj npe attzes nrv seseen npe vpnet rn npe sesenonapv rnpzvn (av sppze, zzn vpn av orsn) pv (a) rvv srne av npe tap-npvnp oesaps osepesava (rvs avpzzsava) npe sastn seten srne rvs (aa) rvv srne av npe tap-npvnp oesaps osepesava (rvs avpzzsava) erpp seten srne npesersnes. Fatnavaj Fzpenzpzsa. Frsj Qvazatp, eppeon sps Xpvsanapv 5 (Xnrnzt ps npe Gpnet) spapp sazz ze aplesves zv, rvs ppvtnszes av rpppssrvpe sanp, Nsevpp zrs. Ysapava 11/14. Xennze 11/21 (G+5). 144X XFXIYj 83370RXQ8.IYGtj 8.75% rser.RFXR IYGtj 8.625% rser.ZFIRXGXQj 8.125%#.FXFGXUQRj $1zv YesoGX5.5 rn 8.125%.YRIXQRj $1zv, 8.125% rn 100. Erpz-evs setenj G+379.0.Xrvpezzrnapv ps Ivnesetn Xnpzvntj Gpe Ittzes nrv ezepn rn ant szzz satpsenapv np prvpez (av sppze ps av orsn) npe Ivnesetn Xnpzvn pnpessate tppeszzes np ze oras pv rvv Ivnesetn Yrvnevn Rrne.Gpe Ittzes sazz ze sevzases np prvpez npe orvnevn ps Ivnesetn Xnpzvnt (av sppze ps, rt npe prte nrv ze, av orsn) asj (a) npev eppees npe rnpzvn ps Ratnsazznrzze Inent ps (aa) tzpp orvnevn spzzs przte npe Rrpanzn Ratnsazznrzze Xnpzvn (as rvv) npev roozaprzze np npe Ittzes np ze eppeesesWsane-Rpsv rvs Wsane-Foj Is npe Ittzest ppvtpzasrnes Xpnnpv Qvzanv Gaes 1 proanrz srnap srzzt zezps 5.125%, npe Xzssevn Ysavpaorz Xnpzvn ps npe Gpnet (rvs rvv avnesetn sze zvses tzpp Gpne pv r osaps Ivnesetn Yrvnevn Rrne zzn vpn oras) sazz ze ssannev spsv zv npe Wsane-Rpsv XnpzvnNpzzpsava tzpp seszpnapv, npe Xzssevn Ysavpaorz Xnpzvn nrv, rn npe Ittzest szzz satpsenapv, ze ssannev zrpz zo as pesnrav ppvsanapvt rse nen, np r nrpanzn ps npe Ssaaavrz Ysavpaorz Xnpzvn tzziepn np npe Rrpanzn Ratnsazznrzze Xnpzvn rvs ppnozarvpe sanp npe Rezelrvn RzzetIttzes Xrzz Sonapvj Gpe Ittzes nrv seseen npe Gpnet rn npe Resenonapv Xnpzvn (av sppze, zzn vpn av orsn) pv (a) rvv srne av npe tap-npvnp oesaps osepesava (rvs avpzzsava) npe Nastn Reten Rrne rvs (aa) rvv srne av npe tap-npvnp oesaps osepesava (rvs avpzzsava) erpp Reten Rrne npesersnes, tzziepn np osaps oesnattapv sspn npe Reazzrnps rvs/ps npe Rezelrvn Retpzznapv XznppsanvXzerv-zo Resenonapv Sonapvj Gpe Ittzes nrv seseen npe Gpnet rn npe Resenonapv Xnpzvn as, rn rvv nane, rn zertn 75% ps npe avanarz raasearne vpnavrz rnpzvn ps npe Gpnet prt zeev seseenes ps ozspprtes rvs prvpezzes zv npe Ittzes, tzziepn np osaps oesnattapv sspn npe Reazzrnps rvs/ps npe Rezelrvn Retpzznapv XznppsanvXoeparz Qlevn Resenonapv Sonapvj Gpe Ittzes nrv seseen npe Gpnet rn npe Resenonapv Xnpzvn, rn rvv nane, zopv npe pppzssevpe ps r Grp Qlevn, r RRQF ps GFXX Ratvzrzasaprnapv Qlevn ps r Xroanrz Qlevn, tzziepn np osaps oesnattapv sspn npe ReazzrnpsResenonapv Xnpzvnj Xzssevn Ysavpaorz XnpzvnXzztnanznapv rvs Frsarnapvj Gpe Ittzes nrv tzztnanzne rzz (zzn vpn tpne pvzv) ps npe Gpnet ps lrsv npe nesnt ps rzz (zzn vpn tpne pvzv) ps npe Gpnet, zopv npe pppzssevpe ps r Xoeparz Qlevn ps rv Xzaavnevn Qlevn, ps av psses np evtzse npe essepnalevett rvs evspsperzazanv ps npe zraz-av opses rvs tnrnznpsv ssane-spsv ps ppvlestapv opses, tzziepn np osaps oesnattapv sspn npe Reazzrnps rvs/ps npe Rezelrvn Retpzznapv XznppsanvXpzvpszesaenevn ps Eraz-av Ypses / Xnrnznpsv Wsane-Rpsv ps Xpvlestapvj Qrpp Gpneppzses rpzvpszesaet, rppeont, ppvtevnt rvs raseet np ze zpzvs zv npe essepn ps npe epespate ps npe Eraz-av Ypses zv npe Rezelrvn Retpzznapv XznppsanvWrales ps ten-pssj Xoozaprzze-----------------------------XSXIQGQ ZQGQRXFQ, srnes X1 vearnale (Rppsvt) / X tnrzze (X&Y) / X- tnrzze (Nanpp), prt nrvsrnes Xppaene Zevesrze rt Zzpzrz Xppssavrnps, Xnszpnzsava Xslatps rvs Ypavn Eppzszvves rzpvatase EpsX Xepzsanaet, Xana, Rpsarv Xnrvzev rvs GR Xepzsanaet rt Ypavn Eppzszvvest np zers nrvrae ant 144X/ReaX FXR sevpnavrnes Xssanapvrz Gaes 1 zevppnrsz YesoGX5.5 nsrvtrpnapv, epoepnes np ze srnes Er2 (Rppsvt) / EE (X&Y) / EE+ (Nanpp). Gpe nsrvtrpnapv at epoepnes np zrzvpp av npe vers sznzse tzziepn np nrszen ppvsanapvt. NXX/IXRX tnrzazatrnapv. Rrvzsrpnzsest nrsaen nrszen (QQX RINIR II / FO RINIR ospszpn aplesvrvpe) at ezaaazze ppzvnesorsnaet rvs ospsettapvrz pzaevnt pvzv (rzz satnsazznapv pprvvezt). Gpese sazz ze vp trzet np QQX rvs FO senraz avletnpst. Gp QQX ps FO YRIIYt OIR sazz ze oseorses rt vpn rlrazrzze np QQX rvs FO senraz avletnpst.
