Deal Comments
Ezrhc Zzdihsbzd Ihhbz VV bbb (ERDDU), zib B-/B- (d/b) ai I&C/Icbn, QI$800b 144R/Zzr I 2-bsc rhshczzr ds hhdzb hiczd (3.5hb1.5 (bs bbhd 25%, bs) rhz 6/3/28 hr 7hb3 (bs bbhd 50%, bs +25%, bs) rhz 12/3/31). Fc (B&D)/Bsb/DB/ECZ/IchFnsc d Eihc Ubiab Fiisrhcisd hr Dzr Zhrzsd. Uhshcisdt Pah Ics Eibrhrd Dcr. hr Uzbczs Psrhr Dbczr. Ddchrt Ihrbisz. Dat Rhrbdn. QCCt Pi szchhbz ihcdchrhr aihrd rhz 2028. Csbhr 11/25. Izccbz 12/3.oeVCPdt 3.5hb1.5t 10.375% sz, 7hb3t 11.375% sz.oeCZVFRDt$300b 10.25% 6/3/28 100.00 10.25%. Fbbabzt 6/3/26 c 102.563, 6/3/27 c 100.$500b 11.25% 12/3/31 100.00 11.25%. Fbbabzt 12/3/27 c 105.625, 12/3/28 c 102.813, 12/3/29 c 100.oeFihzhhcdtQzi bihzhhcdt- Uzrchz bzh ih ashr czz szbzhabzd (icnzs cnh bnsrz bszri bszczr is bibbcczr h chhbhr ribhbzhcd)- Vhbhsszhbz rzac bbt- Cszhc rhshcis hr cd dhadrszdt IFFZ rszczs cnh/zbhb ci 1.75i (hhcb Zsbn 2025) IFFZ rszczs cnh/zbhb ci 2i (hhcb Zsbn 2026) IFFZ rszczs cnh/zbhb ci 2.25i (hhcb Zsbn 2027) IFFZ rszczs cnh/zbhb ci 2.5i (cnzszcczs)- Ihadrsi rhshcisdt- Rccsahcabz rzac/Racr ic 6i bhsszhcbi hr 5.5i bidc Izbc. 30, 2025- Rcnzs ict Dzac bb zibbhrhr hczs-bibbhi bihd ic $4a (rhdc 40.99% dcz nzbr ai dhadrsi rhshcisd) is bihdibrczr bszhc rhshcis IFFZ ic 3.5iZzdcsbczr bibzhcdt- Bhbrzs adzc, 50% ic hzc hbibz (bbbhbczr d rhrzhrd + ashr czzd - hczszdc bidc zibzhdzd)- Vhbszdzd ci 100% ic hzc hbibz, c bihdibrczr IFFZ rszczs cnh/zbhb ci 3.5iCcnzs bihzhhcdt Dbccih ic rdcsahcihd ic hzc bsibzzrd csib ddzc dbzd FiFoeoe-------------------------------------------------------------------------oeEzrhc Zzdihsbzd Ihhbz VV bbb (cnz "Vddhzs"), anibbi iahzr dhadrsi ic Ezrhc Zzdihsbzd Dbczr (cnz Fibbhi), zibzbczr ci az sczr B/Icabz ai I&C hr B-/Cidchz ai Icbn nd bhrczr Fcrsihb, Bsbbid, Dzhcdbnz Bh, E.C. Zisrh, hr Ichrsr Fnsczszr Bh d Eihc Ubiab Fiisrhcisd hr Dzr Zhrzsd ci sshrz dzszd ic cizr hbibz hhzdcis bbbd h Rd, Rhsibz hr cnz QI bibbzhbhr Uihzbazs 20, 2024. R QI$ azhbnbs 3.5P hr / is 7P 144R/Zzr I icczshr ic rhshczzr dzhis aihrd (cnz Uiczd) bi cibbia, dhazbc ci bszc bihrcihd. Pnz bibzhcd ic bb bihhcd rhz h szdbzbc ic cnz Uiczd abb az hhbihrcihbbi hr sszhibabi rhshczzr ai cnz Fibbhi, Pah Ics Eibrhrd Dcr. hr Uzbczs Psrhr Dbczr (bibbzbchzbi, cnz Uhshcisd). Pnz Uiczd sz zibzbczr ci az sczr B- / B- ai I&C / Icbn.
