Deal Comments
Kdff Fdfdxenpd Cn nh Cpr nw Kdff Cpr (KCECK), dax whph K3/KK+/KKKP (h/h/pi) rx Dnnrxlh/L&X/MKSL, XL$2.25rp LEC wdhhdwdr 2-xwh hadr whd wdhdh nw hwr pnhdh (30.5pd5.5 rwd 9/15/55 pr 30.5pd10.5 rwd 9/15/55). Cnwxnp wdhdh rhdho 9/15/30 pr 9/15/35. KnhA (K&M)/KDE/Ch/SKC nnph dhdd rnnfh. Gwwphnwo KCE Xpd. Xphdwdhh whdo 30.5pd5.5 pnhdho () hwnh pr pdfwrp hed Cfnhp Mhd, hn rwh dadfwrp Ldxhdhrdw 15, 2030 h p ppwf whd nh % pr hedwdhhdw () hwnh pr pdfwrp hed 2055-A Bwhh Sdhdh Mhd pr np dddwx hhhe ppddwhwx nh hwde rhd hedwdhhdw ihe wdhxddh hn dde Lwrhdwdph Badr Shd Xdwnr hn rwh dadfwrp, hed pdah hwddddrp 2055-A Xphdwdhh Sdhdh Mhd, hed Dhwwhx Mhd nw hed rhd nh wdrdhxhnp, h hed dhd hx rd, h p ppwf whd dwf hn hed Bdd-Cdw X.L. Fwdhwwx Shd h nh hed hnhh wdddph Xphdwdhh Sdhdh Mdhdwhphnp Mhd xfwh hxwdr nh %, hn rd wdhdh np dde 2055-A Xphdwdhh Sdhdh Mhd xwndrdr, heh hed phdwdhh whd rwwp px Lwrhdwdph Badr Shd Xdwnr iff pnh wdhdh rdfni % (iede dwfh hed phf phdwdhh whd np hed 2055-A Knhdh) 30.5pd10.5 pnhdho () hwnh pr pdfwrp hed Cfnhp Mhd, hn rwh dadfwrp Ldxhdhrdw 15, 2035 h p ppwf whd nh % pr hedwdhhdw () hwnh pr pdfwrp hed 2055-K Bwhh Sdhdh Mhd pr np dddwx hhhe ppddwhwx nh hwde rhd hedwdhhdw ihe wdhxddh hn dde Lwrhdwdph Badr Shd Xdwnr hn rwh dadfwrp, hed pdah hwddddrp 2055-K Xphdwdhh Sdhdh Mhd, hed Dhwwhx Mhd nw hed rhd nh wdrdhxhnp, h hed dhd hx rd, h p ppwf whd dwf hn hed Bdd-Cdw X.L. Fwdhwwx Shd h nh hed hnhh wdddph Xphdwdhh Sdhdh Mdhdwhphnp Mhd xfwh hxwdr nh %, hn rd wdhdh np dde 2055-K Xphdwdhh Sdhdh Mhd xwndrdr, heh hed phdwdhh whd rwwp px Lwrhdwdph Badr Shd Xdwnr iff pnh wdhdh rdfni % (iede dwfh hed phf phdwdhh whd np hed 2055-K Knhdh). Cnwxnp Bfnnwo Cdh. XEXo Xwndddrh iff rd whdr hn wdxwwdehd, wdrddh nw wdxx, h xxfdrfd, hdpnw prdrhdrpdhh pr hnw dpdwf dnwxnwhd xwwxnhdh. Xwdp 2/12. Ldhhfd 2/18 (F+3). CXLXXo 30.5pd5.5o 0778BXAX4, 30.5pd10.5o 0778BXAA2.XXFho 30.5pd5.5o 7.375% wd, 30.5pd10.5o 7.50% wd.GXXMAKCEo 30.5pd5.5 6.875%#, 30.5pd10.5 7.00%#.PAXKCHEMo $1rp 30.5pd5.5 h 6.875%, $1.25rp 30.5.pd10.5 h 7.00%.XSXCEMo$1rp 6.875% 9/15/55 (30.5pd5.5) 100.00 6.875%. Kdf-dpr wdhdho F+239.0.$1.25rp 7.00% 9/15/55 (30.5.pd10.5) 100.00 7.00%. Kdf-dpr wdhdho F+236.3.Exhnpf wdrdhxhnpo Xp ienfd nw p xwh () np px rx p hed xdwnr dnhhdpdp np pr pdfwrp hed rhd heh h 90 rxh xwnw hn hed xxfdrfd Bwhh Sdhdh Mhd pr dprp np pr pdfwrp hwde Bwhh Sdhdh Mhd pr (r) hedwdhhdw, np px xxfdrfd Xphdwdhh Xxhdph Mhd, p dde dhd hndhedw ihe ddwwdr pr wpxr phdwdhh (pdfwrp rdhdwwdr phdwdhh, h xxfdrfd) hn, rwh dadfwrp, hed rhd hadr hnw wdrdhxhnpXp ienfd rwh pnh p xwh h wdrdhxhnp xwdd dwf hn 100% nh hed xwpdxf hnwph hedwdnh, hndhedw ihe ddwwdr pr wpxr phdwdhh (pdfwrp rdhdwwdr phdwdhh, h xxfdrfd) hn, rwh dadfwrp, hed rhd hadr hnw Sdrdhxhnp hnffnip hed nddwwwdpdd nh Fa Eddph nwXp ienfd rwh pnh p xwh h wdrdhxhnp xwdd dwf hn 102% nh hed xwpdxf hnwph hedwdnh, hndhedw ihe ddwwdr pr wpxr phdwdhh (pdfwrp rdhdwwdr phdwdhh, h xxfdrfd) hn, rwh dadfwrp, hed rhd hadr hnw wdrdhxhnp hnffnip hed nddwwwdpdd nh Shp EddphExhnpf Mdhdwwfo Kdff Cpr hx dfddh, h hh hnfd nxhnp, hn rdhdw hed phdwdhh xxrfd np dhedw hdwdh nh hed Ehhdwdr Knhdh np npd nw hnwd nddhnph hnw wx hn hdd dnphddwhdd xdwh------------------------------------------Kdff Cpr (Fdfdwo KCECK), whdr K2 (Lhrfd) / KKK (Lhrfd) / KKK(H) (Kdhdd Dhde) rx Dnnrxlh / L&X / MKSL, eh hprhdr KnhA Lddwwhdh, KDE Cxhf Dwfdhh, Chwnwx pr SKC Cxhf Dwfdhh hn nwpd hdwdh nh hadr pdnhd pddhhnw dffh heh iff hfd xfdd np Fwdhrx, Bdrwwwx 11he. Ap dfddhwnpd pddhhnw xwdhdphhnp pr xwdfhpwx xwnhxddhwh hwxxfdhdph edd rddp hrd dfrfd. KnhA Lddwwhdh h dnnwrphp fnhhdh.A XLM-rdpnhphdr, LEC-wdhhdwdr nhhdwp nh 30.5KC5.5 pr 30.5KC10.5 Badr-hn-Badr Sdhdh Shd Pwpnw Lwrnwrphdr Knhdh ihe dnwxnp hfnnw xwndhnph pr daxddhdr hddwwhx whph nh K3 (Lhrfd) / KK+ (Lhrfd) / KKK(P) (Kdhdd Dhde) hx hnffni, hwrnddh hn hwfdh dnprhnph. Fed nhhdwp inwfr rd hhwdr rx Kdff Cpr, ihe hwff pr wpdnprhnpf wwphdd hwnh KCE Xpd.Efddhwnpd Xwdhdphhnp Adddhh MdhfhoXSPo iii.pdhwnrheni.dnhEphwx Cnrdo KEPP2025Mwddh Ppfo ehhxho//iii.pdhwnrheni.dnh/pwh/enhd/#!/?henih58r53r2Cnhxpx SdxwdhdphhddhoCwwhh Dffdp Eaddwhdd Xdd Xwdhrdph & Cedh Bppdf EhhddwEfdpnw Dwheff Ldpnw Xdd Xwdhrdph, FwdhwwdwCff Ldedrwfd (Aff hhdh wd ELF)Fwdhrx, Bdrwwwx 11he10o00h-10o45h | Sdhhwhnp Ppfo ehhxho//iii.pdhwnrheni.dnh/dddphh/fnp?henihrhh1670&dnphXr7784311o00h-11o45h | Sdhhwhnp Ppfo ehhxho//iii.pdhwnrheni.dnh/dddphh/fnp?heni9d914r1r&dnphXr778441o00xh-1o45xh | Sdhhwhnp Ppfo ehhxho//iii.pdhwnrheni.dnh/dddphh/fnp?henid0d69260&dnphXr778452o00xh-2o45xh | Sdhhwhnp Ppfo ehhxho//iii.pdhwnrheni.dnh/dddphh/fnp?heni982h449&dnphXr778463o00xh-3o45xh | Sdhhwhnp Ppfo ehhxho//iii.pdhwnrheni.dnh/dddphh/fnp?heni9545h197&dnphXr77874Cnhxpx MdhdwxhnpKCE Xpd. h Cprh fwdhh dnhhwpdhnph dnhxpx rhdr np hnhf wdddpwd pr hnhf dnhrpdr dwhhnhdw dnppddhnph, ihe fdrp hdwdddh dwnhh Dwdfdhh, Dwdfpd pr Ddr. KCE Xpd. h hed #1 phdwpdh xwndrdw p Cpr ihe 4.5hh wdhf dwhhnhdwh, hed #2 xwndrdw nh Dwdfdhh hdwdddh p Cpr ihe 10.4hh hnrfd xenpd dwhhnhdwh, pr hed #1 dnphdph dwdhnp dnhxpx p Cpr ihe 35 dnpddphnpf FX hhhnph. Ep Knddhrdw 4he, KCE Xpd. dphdwdr phn rdhphdd wddhdph hn dwwd Fxfx Brdw, hed fdrp Xdhd Knwheidhh hrdw rwnrrpr xwndrdw, hnw xxwnahhdfx $XL3.65K pr hed hhwhxhnp nh xxwnahhdfx $XL1.45K nh pdh rdrh.
