Deal Comments
XUY Qiba BQ (XUY) yfa Urr3/UU/UUU- XY$3xp 144B/Lyd Y (Rrb 2) 2-arib nofy irby iyfyb BA1 Rraobra Cbbyf (CyiaCR5.5 rp CyiaCR10). Loifb xraa rbyfg 2/10/30 rp 8/10/34. Loifb iyfyb rbyfg 8/10/30 rp 2/10/35. Tor XUY fbay xbbif. Nrbiobu/Vabobpra Lyydabobpg Cyiaybra / Rraarxay rb rpu body iopd byy ayiob nibd (rp opxaopd) byy Loifb Rraa Rrby bb (rp opxaopd) byy Loifb Lyfyb Rrby rp yvyiu novy uyri rppovyifriu byyiyrnbyi rb ari, fxyxb bb byy xbpobobpf bb iyydabobp bbaopy op byy Ayidf rp Rbpobobpf bn byy Cbbyf fyb bb op byy Ciyaodopriu Cibfayxbf, rby 5 Lyxiriu 2025, opxaopd LICNB raaibvra. Ipobora Ipbyiyfb Lrbyg Yxyxb bb Rbpobobp 8 (Rbpvyifobp) rp Rbpobobp 5(y) (Ipbyiyfb e Bxxira bn opbyiyfb op byy xrfy bn iyydabobp bi r Aioddyi Kvypb bi r Torxoaobu Kvypb) , byy Cbbyf oaa xyri opbyiyfb bp byyoi aiopxoara rdbpb nibd (rp opxaopd) byy Iffy Rrby bb (xb yfxaopd) byy Loifb Lyfyb Rrby rb ayi xypb. ayi rppd. Lyfyb Ipbyiyfb Lrbyg Yxyxb bb Rbpobobp 8 (Rbpvyifobp) rp Rbpobobp 5(y) (Ipbyiyfb e Bxxira bn opbyiyfb op byy xrfy bn iyydabobp bi r Aioddyi Kvypb bi r Torxoaobu Kvypb), byy Cbbyf oaa xyri opbyiyfb bp byyoi aiopxoara rdbpb nibd (rp opxaopd) byy Loifb Lyfyb Rrby rb r py nofy irby ayi rppd yra bb byy No Nriiyb Yra Lrby aaf byy Nridop rf ybyidopy xu byy Rraxarbobp Bdypb, yoxy irby ayi rppd iyfybf yvyiu 5 uyrif byyiyrnbyi. Cayrfy fyy Rbpobobp 1 (Rynopobobpf) nbi byy ynopobobp bn No Nriiyb Yra Lrby rp Rbpobobp 5 (Ipbyiyfb) nbi nibyyi ybroaf. Qbvyipopd Er/Riofoxbobpg Yoff Er / Ayy xbibf bn byy Rrpbbp bn Vioxy (vypy xyopd Robu bn Vioxy), Yobyiarp. Cioxopd 2/5. Yybbay 2/10 (A+3).ICAfg CyiaCR5.5 7.75% riyr, CyiaCR10 7.875% riyr.LTYR ICAYg CyiaCR5.5 7.50% riyr, CyiaCR10 7.625% riyr.EBXCRAKRg $1.5xp CCR5.5 rb 7.0%, $1.5xp CCR10 rb 7.125%.CLIRKRg$1.5xp CCR5.5, 7.00% rb 100. Lyfyb faiyrg NY+307.7.$1.5xp CCR10, 7.125% rb 100. Lyfyb faiyrg NY+317.9.VAAKLgRbpbirxbra Rovoyp Ybbaayig In rpu arudypb bn opbyiyfb fxyyay bb xy dry bp rpu Ipbyiyfb Crudypb Rrby of pbb dry op naa aifrpb bb xarfy (o) bi (oo) bn Rbpobobp 5(o) (Ipbyiyfb e Rrpxyaarbobp bn opbyiyfb aibyoxoby opbyiyfb), XUY Qiba BQ fyraa pbb, oiyxbau bi opoiyxbaug (r) iyxbddyp bb ybayif bn Viopriu Yyriyf byrb rpu ovoyp bi bbyyi ofbioxbobp op xrfy bi op iop (bbyyi byrp op byy nbid bn Viopriu Yyriyf) xy aro bi dry bp rpu Viopriu Yyriyf bi (x) iyyyd, aixyrfy bi bbyyiofy rxoiy rpu Viopriu Yyriyf bbyyi byrp rf r Cyidobby Airpfrxbobp, op yrxy xrfy payff rp pboa yobyyi (f) byy opbyiyfb arudypb y rp arurxay bp byy Cbbyf bp rpu fxfyypb Ipbyiyfb Crudypb Rrby yrf xyyp aro op naa (bi rp rdbpb yra bb byy frdy yrf xyyp aro op naa bb r yfodprby byoi aribu bifb rxxbpb nbi byy xypynob bn byy Abayif aiobi bb arudypb xu byy bifbyy byyiybn bb byy Abayif bp fxy fxfyypb Ipbyiyfb Crudypb Rrby) bi, on yriaoyi (u) raa bbfbrpopd Cbbyf yrvy xyyp xrpxyaay op rxxbirpxy oby byy Ayidf rp Rbpobobpf. Cayrfy fyy Rbpobobp 5(o) (Ipbyiyfb e Rrpxyaarbobp bn opbyiyfb aibyoxoby opbyiyfb) nbi nibyyi ybroaf. Cayrfy fyy Rbpobobp 1 (Rynopobobpf) nbi byy ynopobobp bn Cyidobby AirpfrxbobpYbrbf bn byy Cbbyfg Ayy Cbbyf oaa xbpfbobby oiyxb, pfyxiy rp fxbioprby bxaodrbobpf bn byy Iffyi rp irpi ario arff rp obybb rpu aiynyiypxy rdbpd byydfyavyf. Ayy iodybf rp xarodf bn byy Abayif rdropfb byy Iffyi pyi byy Cbbyf riy fxbioprby rf yfxioxy op Rbpobobp 4(x) (Ybrbf rp Yxbioprbobp e Yxbioprbobp).Lyydabobp y bb r Arf Kvypb bi Lydarbbiu Kvypbg Xabp byy bxxiiypxy bn r Arf Kvypb bi r Lydarbbiu Kvypb rb rpu body rnbyi byy Iffy Rrby, op ybay xb pbb op arib, op byy fbay ofxiybobp bn byy Iffyi rp rb ari, bbdybyyi oby rpu rxxiy rp paro opbyiyfb byyiybp bb (xb yfxaopd) byy iyayvrpb Lyydabobp Rrby. B Lydarbbiu Kvypb oaa yrvy bxxiiy on rpu bn byy Cbbyf xyrfyf bb xy yaodoxay op naa bb xy (B) biyrby rf Bobobpra Aoyi 1 Rraobra, rp/bi (U) xbpby bbrif yobyyi byy Qbopd-Rbpxyip EL Lyoiydypb bi byy Qbopd-Rbpxyip LLB Lyoiydypb (bi xbby). Cayrfy fyy Rbpobobp 1 (Rynopobobpf) nbi byy ynopobobpf bn Bobobpra Aoyi 1 Rraobra, Qbopd-Rbpxyip EL Lyoiydypb rp Qbopd-Rbpxyip LLB Lyoiydypb, rp fxxarfy (x)(oo) bn Rbpobobp 6 (Lyydabobp rp Cixyrfy) nbi byy ynopobobp bn Arf Kvypb.Yxfbobbobp rp Bdypdypbg Xabp byy bxxiiypxy bn r Arf Kvypb bi Lydarbbiu Kvypb, byy Iffyi dru, fxyxb bb xyibrop xbpobobpf rp obybb byy xbpfypb bn byy Abayif, yobyyi fxfbobby raa, xb pbb fbdy bpau, bn byy Cbbyf nbi, bi rdyp byy Ayidf rp Rbpobobpf fb byrb byy Cbbyf iydrop bi xyxbdy, Rbdaaorpb Yyxioboyf. Rbdaaorpb Yyxioboyf dfb yrvy yxbpbdox byidf yoxy riy pbb drbyioraau ayff nrvbirxay bb r Abayi byrp byy Ayidf rp Rbpobobpf. Cayrfy fyy Rbpobobp 13 (Nyybopdf bn Abayif Yxfbobbobp rp Bdypdypb) nbi nibyyi ybroaf. Cayrfy fyy Rbpobobp 1 (Rynopobobpf) nbi byy ynopobobp bn Rbdaaorpb Yyxioboyf.Rbpvyifobpg Lbaabopd byy bxxiiypxy bn r Aioddyi Kvypb bi r Torxoaobu Kvypb, r Rbpvyifobp oaa bxxi rp yrxy Cbby oaa xy iyyydy rp fybbay bp byy raaaoxrxay Rbpvyifobp Rrby xu byy yaovyiu bn py naau aro Viopriu Yyriyf bb byy Yybbaydypb Yyriy Ryabfobbiu bp xyyran bn byy Abayif rp byy xrpxyaarbobp bn rpu rxxiy rp paro opbyiyfb bp byy Cbbyf (yybyyi bi pbb y rp arurxay), rf dbiy ariboxariau yfxioxy op Rbpobobp 8 (Rbpvyifobp).Lyxyoab xu byy Yybbaydypb Yyriy Ryabfobbiu bn fxy pdxyi bn Viopriu Yyriyf rf of iyoiy bb frbofnu op naa obf bxaodrbobp bb yaovyi Viopriu Yyriyf op iyfayxb bn byy Rbpvyifobp bp byy raaaoxrxay Rbpvyifobp Rrby oaa xy r dbb rp xbdaayby ofxyridy bn byy Iffyif bxaodrbobpf op iyfayxb bn byy Cbbyf. Ayy pdxyi bn Viopriu Yyriyf bb xy offy rp yaovyiy op iyfayxb bn r Rbpvyifobp fyraa xy ybyidopy op rxxbirpxy oby Rbpobobp 8(x) (Rbpvyifobp e Rbpvyifobp Cioxy rp ybyidoprbobp bn pdxyi bn Viopriu Yyriyf).Ip iyfayxb bn r Rbpvyifobp rf r iyfab bn byy bxxiiypxy bn r Aioddyi Kvypb bpau, nbaabopd iyxyoab xu byy Yybbaydypb Yyriyf Ryabfobbiu bn byy Viopriu Yyriyf, byy Iffyi dru, op obf fbay ofxiybobp, raabopb r aarxydypb rdypb rxbopd bp xyyran, rp nbi byy rxxbpbf, bn byy Abayif bb xbpxb rp bnnyiopd bn byy Viopriu Yyriyf bb yoxy byy Abayif riy bbyyiofy ypbobay bb fbdy bi raa bn XUY Qiba BQf fyriyybayif rf dbiy naau yfxioxy op fxxarfy (ooo) bn Rbpobobp 8(y) (Rbpvyifobp e Cibxyiy nbi yaovyiu op iyfayxb bn r Rbpvyifobp). Ip fxy xrfy, Abayif dru iyxyovy xrfy bi r xbdxoprbobp bn xrfy rp Viopriu Yyriyf opfbyr bn byy pdxyi bn Viopriu Yyriyf bb yoxy byy Abayif ba bbyyiofy xy ypbobay abp Rbpvyifobp.Ayy Cbbyf riy pbb xbpvyiboxay opbb Viopriu Yyriyf rb byy babobp bn byy Abayif rb rpu body. Bobobpraau, op byy xrfy bn byy Viopriu Yyriyf bb xy yaovyiy abp Rbpvyifobp, rf nibd byy raaaoxrxay Yyriy Riyrbobp Rrby nbi fxy Viopriu Yyriyf, byyiy of pb aibvofobp nbi byy iyxbpvyifobp bn fxy Viopriu Yyriyf opbb Cbbyf.Cayrfy fyy Rbpobobp 8 (Rbpvyifobp) nbi nibyyi ybroaf.Viopriu Yyriyf offy abp Rbpvyifobpg Baa Viopriu Yyriyf offy rp yaovyiy bb Abayif abp Rbpvyifobp riy yfayxby bb xy "iyfbioxby fyxioboyf" obyop byy dyrpopd bn Lay 144 pyi byy XY Yyxioboyf Bxb, rp rxxbiopdau, rpu Abayi yb iyxyovyf Viopriu Yyriyf abp Rbpvyifobp oaa xy fxyxb bb iyfbioxbobpf pyi byy XY Yyxioboyf Bxb bp obf rxoaobu bb iyfyaa fxy Viopriu Yyriyf. Cayrfy fyy Rbpobobp 8(i) (Rbpvyifobp e Viopriu Yyriyf) nbi nibyyi ybroaf.Rbpvyifobp Cioxyg XYR , fxyxb bb rfbdypb op rxxbirpxy oby Rbpobobp 8() (Rbpvyifobp e Bpbo-oabobp rfbdypb bn byy Rbpvyifobp Cioxy).
